0001902733FALSE00019027332024-08-272024-08-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 27, 2024
nCino, Inc.
(Exact name of registrant as specified in its charter)

Delaware001-4121187-4154342
(State or other jurisdiction of(Commission file number)(IRS Employer
incorporation)Identification No.)
6770 Parker Farm Drive
Wilmington, North Carolina 28405
(Address of Principal Executive Offices, Including Zip Code)

Registrant’s Telephone Number, Including Area Code: (888) 676-2466

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:    

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0005 per shareNCNOThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On August 27, 2024, nCino, Inc. (the “Company”) issued a press release announcing its financial results for its second quarter ended July 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

nCino, Inc.
Date: August 27, 2024
By:/s/ Gregory D. Orenstein
Gregory D. Orenstein
Chief Financial Officer & Treasurer

Exhibit 99.1
ncino.jpg

nCino Reports Second Quarter Fiscal Year 2025 Financial Results
•Total Revenues of $132.4M, up 13% year-over-year
•Subscription Revenues of $113.9M, up 14% year-over-year
•GAAP Operating Margin of (6)%, up ~650 basis points year-over-year
•Non-GAAP Operating Margin of 15%, up ~500 basis points year-over-year
WILMINGTON, N.C., August 27, 2024 -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the second quarter of fiscal year 2025, ended July 31, 2024.
"We are pleased to report that we again exceeded quarterly guidance for total and subscription revenues as well as non-GAAP operating income," said Pierre Naudé, Chairman and CEO at nCino. "In the second quarter we saw particular strength in the U.S. across both the enterprise and community & regional segments, with increased demand for solutions that span the breadth of the nCino platform including consumer lending and deposit account opening, as well as our Generative AI offering, Banking Advisor. While some macro-economic challenges persist, particularly in the U.S. mortgage market and international markets, we have a positive outlook on the second half of the year."
Financial Highlights
•Revenues: Total revenues for the second quarter of fiscal 2025 were $132.4 million, a 13% increase from $117.2 million in the second quarter of fiscal 2024. Subscription revenues for the second quarter were $113.9 million, up from $99.9 million one year ago, an increase of 14%.
•Income (Loss) from Operations: GAAP loss from operations in the second quarter of fiscal 2025 was $(7.9) million compared to $(14.8) million in the same quarter of fiscal 2024. Non-GAAP operating income in the second quarter of fiscal 2025 was $19.3 million compared to $11.2 million in the second quarter of fiscal 2024.
•Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the second quarter of fiscal 2025 was $(11.0) million compared to $(15.9) million in the second quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the second quarter of fiscal 2025 was $15.8 million compared to $9.9 million in the second quarter of fiscal 2024.
•Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the second quarter of fiscal 2025 was $(0.10) per basic and diluted share compared to $(0.14) per basic and diluted share in the second quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the second quarter was $0.14 per diluted share compared to $0.09 per diluted share in the second quarter of fiscal 2024.
•Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of July 31, 2024, was $1.041 billion, compared with $928.6 million as of July 31, 2023, an increase of 12%. RPO expected to be recognized in the next 24 months was $698.3 million, an increase of 10% from $636.2 million as of July 31, 2023.
•Cash: Cash, cash equivalents, and restricted cash were $126.8 million as of July 31, 2024. During the second quarter, the Company repaid $15 million on its revolving credit facility.





Recent Business Highlights
•Extended partnership with ABN AMRO, a Top 25 European Bank: As a result of the successful project and go-live, nCino and ABN AMRO have extended their partnership. By implementing nCino, ABN AMRO is unlocking added business value through enhanced collateral management and consolidating multiple legacy systems into one platform, unifying its end-to-end lending process for both customers and employees.
•Completed Banking Advisor add-on with an approximately $45 billion-asset bank: A bank using nCino for Commercial lending, Mortgage POS, and multiple solutions powered by nIQ, including Commercial Pricing and Profitability and Automated Spreading became the first Enterprise customer to add Banking Advisor.
•Signed largest bank customer to date for Portfolio Analytics: An over $20B asset institution became the largest bank by asset size to expand their use of the platform from Commercial lending and Deposit Account Opening to include Portfolio Analytics for CRE stress testing.
•Extended relationship with largest client in the UK: Renewed relationship with a Top 5 European bank for an additional three years.
Financial Outlook
nCino is providing guidance for its third quarter ending October 31, 2024, as follows:
•Total revenues between $136.0 million and $138.0 million.
•Subscription revenues between $117.0 million and $119.0 million.
•Non-GAAP operating income between $21.0 million and $22.0 million.
•Non-GAAP net income attributable to nCino per diluted share of $0.15 to $0.16.
nCino is providing guidance for its fiscal year 2025 ending January 31, 2025, as follows:
•Total revenues between $538.5 million and $544.5 million.
•Subscription revenues between $463.0 million and $469.0 million.
•Non-GAAP operating income between $87.0 million and $90.0 million.
•Non-GAAP net income attributable to nCino per diluted share of $0.66 to $0.69.
Conference Call
nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino’s website: https://investor.ncino.com/news-events/events-and-presentations.
About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,800 financial services providers globally. For more information, visit www.ncino.com.





Forward-Looking Statements:
This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino’s future performance, outlook, guidance, the assumptions underlying those statements, the benefits from the use of nCino’s solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers’ or their clients' data; (v) the accuracy of management’s assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution; (vii) competitive factors, including pricing pressures, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses.

Additional risks and uncertainties that could affect nCino’s business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.

nCino, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 31, 2024July 31, 2024
Assets
Current assets
Cash and cash equivalents$112,085 $121,410 
Accounts receivable, net112,975 78,819 
Costs capitalized to obtain revenue contracts, current portion, net10,544 11,565 
Prepaid expenses and other current assets15,171 16,957 
Total current assets250,775 228,751 
Property and equipment, net79,145 76,785 
Operating lease right-of-use assets, net19,261 15,928 
Costs capitalized to obtain revenue contracts, noncurrent, net17,425 19,137 
Goodwill838,869 908,000 
Intangible assets, net115,572 135,524 
Investments9,294 9,294 
Long-term prepaid expenses and other assets10,089 15,328 
Total assets$1,340,430 $1,408,747 
Liabilities, redeemable non-controlling interest, and stockholders’ equity
Current liabilities
Accounts payable$11,842 $13,137 
Accrued compensation and benefits16,283 11,555 
Accrued expenses and other current liabilities10,847 7,930 
Deferred revenue, current portion170,941 172,038 
Financing obligations, current portion1,474 1,567 
Operating lease liabilities, current portion3,649 4,750 
Total current liabilities215,036 210,977 
Operating lease liabilities, noncurrent16,423 12,508 
Deferred income taxes, noncurrent3,687 11,196 
Deferred revenue, noncurrent— 569 
Revolving credit facility, noncurrent— 40,000 
Financing obligations, noncurrent52,680 51,865 
Other long-term liabilities— 2,644 
Total liabilities287,826 329,759 
Commitments and contingencies
Redeemable non-controlling interest3,428 4,133 
Stockholders’ equity
Common stock57 58 
Additional paid-in capital1,400,881 1,439,245 
Accumulated other comprehensive income996 1,407 
Accumulated deficit(352,758)(365,855)
Total stockholders’ equity1,049,176 1,074,855 
Total liabilities, redeemable non-controlling interest, and stockholders’ equity$1,340,430 $1,408,747 

nCino, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended July 31,Six Months Ended July 31,
2023202420232024
Revenues
Subscription$99,897 $113,911 $197,237 $224,317 
Professional services and other17,339 18,492 33,671 36,173 
Total revenues117,236 132,403 230,908 260,490 
Cost of revenues
Subscription29,719 33,367 58,876 65,147 
Professional services and other18,328 20,564 35,359 39,964 
Total cost of revenues48,047 53,931 94,235 105,111 
Gross profit69,189 78,472 136,673 155,379 
Gross margin %59 %59 %59 %60 %
Operating expenses
Sales and marketing32,164 31,713 62,105 59,758 
Research and development29,889 34,271 58,084 64,252 
General and administrative21,930 20,394 39,905 42,938 
Total operating expenses83,983 86,378 160,094 166,948 
Loss from operations(14,794)(7,906)(23,421)(11,569)
Non-operating income (expense)
Interest income835 321 1,372 926 
Interest expense(1,044)(1,835)(2,423)(3,312)
Other income (expense), net469 150 (313)(594)
Loss before income taxes(14,534)(9,270)(24,785)(14,549)
Income tax provision (benefit)1,545 1,753 2,938 (1,229)
Net loss(16,079)(11,023)(27,723)(13,320)
Net loss attributable to redeemable non-controlling interest(268)(58)(548)(223)
Adjustment attributable to redeemable non-controlling interest73 75 (48)919 
Net loss attributable to nCino, Inc.$(15,884)$(11,040)$(27,127)$(14,016)
Net loss per share attributable to nCino, Inc.:
Basic and diluted$(0.14)$(0.10)$(0.24)$(0.12)
Weighted average number of common shares outstanding:
Basic and diluted112,396,716 115,180,130 112,262,527 114,694,001 

nCino, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended July 31,
20232024
Cash flows from operating activities
Net loss attributable to nCino, Inc.$(27,127)$(14,016)
Net loss and adjustment attributable to redeemable non-controlling interest(596)696 
Net loss(27,723)(13,320)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization18,297 17,219 
Non-cash operating lease costs2,421 2,715 
Amortization of costs capitalized to obtain revenue contracts4,869 5,645 
Amortization of debt issuance costs92 31 
Stock-based compensation26,146 35,044 
Deferred income taxes790 (2,656)
Provision for bad debt756 25 
Net foreign currency losses (gains)(38)392 
Loss on disposal of long-lived assets144 30 
Change in operating assets and liabilities:
Accounts receivable18,446 37,778 
Costs capitalized to obtain revenue contracts(3,002)(8,382)
Prepaid expenses and other assets1,051 (2,430)
Accounts payable(1,406)768 
Accrued expenses and other liabilities(9,313)(8,645)
Deferred revenue13,772 (2,572)
Operating lease liabilities(2,035)(2,201)
Net cash provided by operating activities43,267 59,441 
Cash flows from investing activities
Acquisition of business, net of cash acquired— (90,839)
Acquisition of assets(356)(300)
Purchases of property and equipment(2,464)(786)
Net cash used in investing activities(2,820)(91,925)
Cash flows from financing activities
Proceeds from borrowings on revolving credit facility— 75,000 
Payments on revolving credit facility(30,000)(35,000)
Payments of debt issuance costs— (370)
Exercise of stock options2,204 1,737 
Stock issuance under the employee stock purchase plan2,698 2,514 
Principal payments on financing obligations(564)(722)
Net cash provided by (used in) financing activities(25,662)43,159 
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash1,166 (1,354)
Net increase in cash, cash equivalents, and restricted cash15,951 9,321 
Cash, cash equivalents, and restricted cash, beginning of period87,418 117,444 
Cash, cash equivalents, and restricted cash, end of period$103,369 $126,765 
Reconciliation of cash, cash equivalents, and restricted cash, end of period:
Cash and cash equivalents$98,003 $121,410 
Restricted cash included in prepaid expenses and other current assets5,162 — 
Restricted cash included in long-term prepaid expenses and other assets204 5,355 
Total cash, cash equivalents, and restricted cash, end of period$103,369 $126,765 


Non-GAAP Financial Measures
In nCino’s public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

•Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

•Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

•Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. We believe these costs, which are primarily related to legal, consulting and other professional services fees, are non-recurring in nature and outside the ordinary course of business.

•Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results.

•Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time.



•Tax Benefit Related to Acquisitions. In connection with deferred tax liabilities assumed from acquisitions, nCino may reduce the valuation allowance against deferred tax assets, resulting in a one-time tax benefit recorded in Income tax provision (benefit). We believe that the exclusion of this benefit from our non-GAAP net income attributable to nCino and non-GAAP net income attributable to nCino per share provides a more direct comparison to all periods presented.

•Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses.

•Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company’s operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino’s management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

nCino, Inc.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except share and per share data)
(Unaudited)

Three Months Ended July 31,Six Months Ended July 31,
2023202420232024
GAAP total revenues$117,236 $132,403 $230,908 $260,490 
GAAP cost of subscription revenues$29,719 $33,367 $58,876 $65,147 
Amortization expense - developed technology(4,190)(4,404)(8,441)(8,522)
Stock-based compensation(485)(793)(799)(1,355)
Restructuring charges(21)— (39)— 
Non-GAAP cost of subscription revenues$25,023 $28,170 $49,597 $55,270 
GAAP cost of professional services and other revenues$18,328 $20,564 $35,359 $39,964 
Amortization expense - other(83)(83)(165)(165)
Stock-based compensation(2,460)(2,980)(4,089)(5,759)
Restructuring charges(46)— (92)— 
Non-GAAP cost of professional services and other revenues$15,739 $17,501 $31,013 $34,040 
GAAP gross profit$69,189 $78,472 $136,673 $155,379 
Amortization expense - developed technology4,190 4,404 8,441 8,522 
Amortization expense - other83 83 165 165 
Stock-based compensation2,945 3,773 4,888 7,114 
Restructuring charges67 — 131 — 
Non-GAAP gross profit$76,474 $86,732 $150,298 $171,180 
The following table sets forth reconciling items as a percentage of total revenue for the periods presented.1
GAAP gross margin %59 %59 %59 %60 %
Amortization expense - developed technology4 3 4 3 
Amortization expense - other— — — — 
Stock-based compensation3 3 2 3 
Restructuring charges— — — — 
Non-GAAP gross margin %65 %66 %65 %66 %
GAAP sales & marketing expense$32,164 $31,713 $62,105 $59,758 
Amortization expense - customer relationships(2,167)(2,730)(4,335)(5,153)
Amortization expense - trade name(604)(104)(1,208)(147)
Amortization expense - other— (28)— (44)
Stock-based compensation(3,830)(4,184)(7,041)(8,140)
Restructuring charges(38)— (76)— 
Non-GAAP sales & marketing expense$25,525 $24,667 $49,445 $46,274 
GAAP research & development expense$29,889 $34,271 $58,084 $64,252 
Stock-based compensation(4,279)(5,286)(7,279)(9,512)
Restructuring charges(131)— (265)— 
Non-GAAP research & development expense$25,479 $28,985 $50,540 $54,740 

nCino, Inc.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except share and per share data)
(Unaudited)

Three Months Ended July 31,Six Months Ended July 31,
2023202420232024
GAAP general & administrative expense$21,930 $20,394 $39,905 $42,938 
Stock-based compensation(4,227)(5,596)(6,938)(10,278)
Acquisition-related expenses(212)(947)(423)(5,987)
Litigation expenses(3,204)(69)(4,349)(250)
Restructuring charges(2)— (5)— 
Non-GAAP general & administrative expense$14,285 $13,782 $28,190 $26,423 
GAAP loss from operations$(14,794)$(7,906)$(23,421)$(11,569)
Amortization of intangible assets7,044 7,349 14,149 14,031 
Stock-based compensation15,281 18,839 26,146 35,044 
Acquisition-related expenses212 947 423 5,987 
Litigation expenses3,204 69 4,349 250 
Restructuring charges238 — 477 — 
Non-GAAP operating income$11,185 $19,298 $22,123 $43,743 
The following table sets forth reconciling items as a percentage of total revenue for the periods presented.1
GAAP operating margin %(13)%(6)%(10)%(4)%
Amortization of intangible assets6 6 6 5 
Stock-based compensation13 14 11 13 
Acquisition-related expenses— 1 — 2 
Litigation expenses3 — 2 — 
Restructuring charges— — — — 
Non-GAAP operating margin %10 %15 %10 %17 %
GAAP net loss attributable to nCino, Inc.$(15,884)$(11,040)$(27,127)$(14,016)
Amortization of intangible assets7,044 7,349 14,149 14,031 
Stock-based compensation15,281 18,839 26,146 35,044 
Acquisition-related expenses212 947 423 5,987 
Litigation expenses3,204 69 4,349 250 
Restructuring charges238 — 477 — 
Tax benefit related to acquisition— — — (3,609)
Income tax effect on non-GAAP adjustments(225)(454)(379)(793)
Adjustment attributable to redeemable non-controlling interest73 75 (48)919 
Non-GAAP net income attributable to nCino, Inc.$9,943 $15,785 $17,990 $37,813 
Basic and diluted GAAP net loss attributable to nCino, Inc. per share$(0.14)$(0.10)$(0.24)$(0.12)
Weighted-average shares used to compute basic and diluted GAAP net loss attributable to nCino, Inc. per share112,396,716 115,180,130 112,262,527 114,694,001 

nCino, Inc.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended July 31,Six Months Ended July 31,
2023202420232024
Basic non-GAAP net income attributable to nCino, Inc. per share$0.09 $0.14 $0.16 $0.33 
Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share112,396,716 115,180,130 112,262,527 114,694,001 
Diluted non-GAAP net income attributable to nCino, Inc. per share$0.09 $0.14 $0.16 $0.32 
Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share114,549,192 116,849,057 114,336,289 116,706,457 
Free cash flow
Net cash provided by operating activities$11,964 $4,999 $43,267 $59,441 
Purchases of property and equipment(859)(444)(2,464)(786)
Free cash flow$11,105 $4,555 $40,803 $58,655 
Principal payments on financing obligations2
(320)(363)(564)(722)
Free cash flow less principal payments on financing obligations$10,785 $4,192 $40,239 $57,933 
1Columns may not foot due to rounding.
2These amounts represent the non-interest component of payments towards financing obligations for facilities.

CONTACTS
INVESTOR CONTACT
Harrison Masters
nCino
+1 910.734.7743
Harrison.masters@ncino.com
MEDIA CONTACT
Natalia Moose
nCino
Natalia.moose@ncino.com

v3.24.2.u1
Cover
Aug. 27, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 27, 2024
Entity Registrant Name nCino, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-41211
Entity Tax Identification Number 87-4154342
Entity Address, Address Line One 6770 Parker Farm Drive
Entity Address, City or Town Wilmington
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28405
City Area Code 888
Local Phone Number 676-2466
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.0005 per share
Trading Symbol NCNO
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001902733
Amendment Flag false
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