nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital
transformation solutions for the global financial services
industry, today announced financial results for its fourth quarter
and fiscal year ended January 31, 2021.
“I am extremely pleased with the end to the year as we closed a
record amount of business in the quarter while building one of the
largest pipelines in the Company’s history, with over 50% of the
pipeline reflecting international opportunities,” said Pierre
Naudé, CEO of nCino. “We took a record number of retail customers
live, closed multiple retail cross-sell opportunities, and
increased our subscription revenue retention rate for the year to
155%. We also added new logos in both the U.S. and international
markets, including a continental European deal with one of the
largest commercial banks in the Baltics, along with several deals
for Automated Spreading and Portfolio Analytics on our nIQ
analytics platform.”
Naudé continued, “I am incredibly proud of the hard work,
dedication and commitment from the nCino team over the past year to
support our growing global customer base, and we are just getting
started. Our success in the fourth quarter positions us for another
strong year as we help financial institutions around the globe
adopt a cloud strategy so they can compete in today’s remote,
digital-first environment.”
Financial Highlights
- Revenues: Total revenues for the fourth
quarter were $56.6 million, a 47% increase from $38.5 million in
the fourth quarter of fiscal 2020. Subscription revenues for the
fourth quarter were $45.0 million, up from $31.5 million one year
ago, an increase of 43%. Total revenues for fiscal year 2021 were
$204.3 million, a 48% increase from $138.2 million in fiscal year
2020. Subscription revenues for fiscal year 2021 were $162.4
million, up from $103.3 million one year ago, an increase of
57%.
- Loss from Operations: GAAP loss from
operations in the fourth quarter was ($13.9) million compared to
($10.0) million in the same quarter of fiscal 2020. Non-GAAP
operating loss in the quarter was ($7.5) million compared to ($8.1)
million in the fourth quarter of fiscal 2020. GAAP loss from
operations for fiscal year 2021 was ($42.6) million compared to
($28.2) million in fiscal year 2020. Non-GAAP operating loss for
fiscal year 2021 was ($14.2) million compared to ($20.7) million
last fiscal year.
- Net Loss Attributable to nCino: GAAP net loss
attributable to nCino in the fourth quarter was ($12.1) million
compared to ($9.6) million in the fourth quarter of fiscal 2020.
Non-GAAP net loss attributable to nCino in the fourth quarter was
($5.7) million compared to ($7.7) million in the fourth quarter of
fiscal 2020. GAAP net loss attributable to nCino for fiscal year
2021 was ($40.5) million compared to ($27.6) million in fiscal year
2020. Non-GAAP net loss attributable to nCino for fiscal year 2021
was ($12.1) million compared to ($20.1) million last fiscal
year.
- Net Loss Attributable to nCino per Share: GAAP
net loss attributable to nCino in the fourth quarter was ($0.13)
per share compared to ($0.12) per share in the fourth quarter of
fiscal 2020. Non-GAAP net loss attributable to nCino in the fourth
quarter was ($0.06) per share compared to ($0.10) per share in the
fourth quarter of fiscal 2020. GAAP net loss attributable to nCino
for fiscal year 2021 was ($0.46) per share compared to ($0.35) per
share in fiscal year 2020. Non-GAAP net loss attributable to nCino
for fiscal year 2021 was ($0.14) per share compared to ($0.26) per
share last fiscal year.
- Cash: Cash and cash equivalents were $371.4
million as of January 31, 2021.
Recent Business Highlights
- Customer Expansion: Subscription revenue
retention rate for fiscal 2021 increased to 155% from 147% in
fiscal 2020.
- Increasing Customer Count and Size: Ended
fiscal 2021 with over 1,260 customers versus over 1,180 for fiscal
2020. For fiscal 2021, 224 customers generated subscription
revenues greater than $100,000 of which 36 had subscription
revenues greater than $1 million compared to 161 and 21 customers,
respectively, for fiscal 2020.
- Continued Commercial Market Leadership: Added
three Farm Credit System deals and renewed and expanded
relationships with two regional financial institutions in the U.S.,
at $15 billion and $20 billion in assets, and with two top 10
Canadian financial institutions.
- nIQ Customer Wins: Ended the quarter with five
customers on Automated Spreading and 28 joint nCino Bank Operating
System and Portfolio Analytics customers, including the largest
joint customer to-date, an $8 billion-asset regional bank.
- Record Retail Go-Lives: Took a record number
of financial institutions live on nCino’s Retail Lending solution,
including the U.S. arm of a $50 billion bank, a $30 billion U.S.
regional bank, and a $12 billion-asset Canadian Credit Union.
- Expanded Customer Footprint Following M&A:
Selected for Commercial Lending by Truist Bank and First Horizon
Bank after these customers completed mergers with existing nCino
customers, SunTrust and IBERIABANK, respectively.
- International Wins: Signed a large expansion
deal for Commercial Lending with our first customer in Continental
Europe.
- PPP Revenues Benefit Year: Supported 98
financial institutions in the U.S. and U.K. through their PPP and
CBILS programs, recording approximately $13.5 million in related
subscription revenues during fiscal 2021.
Financial Outlook nCino is providing
guidance for its first quarter ending April 30, 2021 as
follows:
- Total revenues between $59 million and $60 million.
- Subscription revenues between $48.5 million and $49.5
million.
- Professional services revenues between $9.5 and $10.5
million.
- Non-GAAP operating loss between ($4.0) million and ($5.0)
million.
- Non-GAAP net loss attributable to nCino per share of ($0.04) to
($0.05).
nCino is providing guidance for its fiscal year 2022
ending January 31, 2022 as follows:
- Total revenues between $253 million and $255 million.
- Subscription revenues between $209 million and $211
million.
- Professional services revenues between $42 million and $44
million.
- Non-GAAP operating loss between ($23.0) million and ($25.0)
million.
- Non-GAAP net loss attributable to nCino per share of ($0.24) to
($0.26).
Conference CallnCino will host a conference
call at 4:30 p.m. ET today to discuss its financial results and
outlook with the investment community. 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 nCinonCino (NASDAQ: NCNO) is the
worldwide leader in cloud banking. The nCino Bank Operating System®
empowers financial institutions with scalable technology to help
them achieve revenue growth, greater efficiency, cost savings and
regulatory compliance. In a digital-first world, nCino's single
digital platform enhances the employee and client experience to
enable financial institutions to more effectively onboard new
clients, make loans and manage the entire loan life cycle, and open
deposit and other accounts across lines of business and channels.
Transforming how financial institutions operate through innovation,
reputation and speed, nCino works with more than 1,200 financial
institutions globally, whose assets range in size from $30 million
to more than $2 trillion. For more information, visit:
www.ncino.com.
Forward-Looking StatementsThis press release
contains forward-looking statements about nCino's financial and
operating results, which include statements regarding nCino’s
future performance, outlook, and 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: (i) risks associated with the impact of
the COVID-19 pandemic, including the impact to the financial
services industry, the impact on general economic conditions and
the impact of government responses, restrictions, and actions; (ii)
breaches in our security measures or unauthorized access to our
customers’ or their clients' data; (iii) the accuracy of
management’s assumptions and estimates; (iv) our ability to attract
new customers and succeed in having current customers expand their
use of our solutions; (v) 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;
(vi) 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; (vii) fluctuation of our results of
operations, which may make period-to-period comparisons less
meaningful; (viii) our ability to manage our growth effectively
including expanding outside of the United States; (ix) adverse
changes in our relationship with Salesforce; (x) our ability to
successfully acquire new companies and/or integrate acquisitions
into our existing organization; (xi) 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; (xii) 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; (xiii) our ability to maintain our
corporate culture and attract and retain highly skilled employees;
(xiv) adverse changes in the financial services industry, including
as a result of customer consolidation; (xv) adverse changes in
economic, regulatory, or market conditions; and (xvi) the outcome
and impact of legal proceedings and related 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, 2020 |
|
January 31, 2021 |
| Assets |
|
|
|
| Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
91,184 |
|
|
|
$ |
371,425 |
|
|
|
Accounts receivable, net |
34,205 |
|
|
|
55,517 |
|
|
|
Accounts receivable, related parties |
9,201 |
|
|
|
— |
|
|
|
Costs capitalized to obtain revenue contracts, current portion,
net |
3,608 |
|
|
|
4,864 |
|
|
|
Prepaid expenses and other current assets |
7,079 |
|
|
|
10,425 |
|
|
|
Total current assets |
145,277 |
|
|
|
442,231 |
|
|
|
Property and equipment, net |
13,477 |
|
|
|
29,943 |
|
|
|
Costs capitalized to obtain revenue contracts, noncurrent, net |
7,000 |
|
|
|
10,191 |
|
|
|
Goodwill |
55,840 |
|
|
|
57,149 |
|
|
|
Intangible assets, net |
26,093 |
|
|
|
23,137 |
|
|
|
Other long-term assets |
2,464 |
|
|
|
750 |
|
|
|
Total assets |
$ |
250,151 |
|
|
|
$ |
563,401 |
|
|
| Liabilities,
redeemable non-controlling interest, and stockholders’
equity |
|
|
|
| Current liabilities |
|
|
|
|
Accounts payable |
$ |
1,258 |
|
|
|
$ |
1,634 |
|
|
|
Accounts payable, related parties |
3,408 |
|
|
|
4,363 |
|
|
|
Accrued commissions |
7,862 |
|
|
|
12,500 |
|
|
|
Other accrued expenses |
4,922 |
|
|
|
7,527 |
|
|
|
Deferred rent, current portion |
183 |
|
|
|
203 |
|
|
|
Deferred revenue, current portion |
50,929 |
|
|
|
89,141 |
|
|
|
Deferred revenue, current portion, related parties |
8,013 |
|
|
|
— |
|
|
|
Financing obligation, current portion |
— |
|
|
|
324 |
|
|
|
Total current liabilities |
76,575 |
|
|
|
115,692 |
|
|
|
Deferred income taxes, noncurrent |
194 |
|
|
|
368 |
|
|
|
Deferred rent, noncurrent |
1,558 |
|
|
|
1,486 |
|
|
|
Deferred revenue, noncurrent |
— |
|
|
|
946 |
|
|
|
Financing obligation, noncurrent |
— |
|
|
|
15,939 |
|
|
|
Other long-term liabilities |
195 |
|
|
|
— |
|
|
|
Total liabilities |
78,522 |
|
|
|
134,431 |
|
|
| Commitments and
contingencies |
|
|
|
| Redeemable non-controlling
interest |
4,356 |
|
|
|
3,791 |
|
|
| Stockholders’ equity |
|
|
|
|
Common stock |
41 |
|
|
|
47 |
|
|
|
Additional paid-in capital |
288,564 |
|
|
|
585,956 |
|
|
|
Accumulated other comprehensive (loss) income |
(408 |
) |
|
|
240 |
|
|
|
Accumulated deficit |
(120,924 |
) |
|
|
(161,064 |
) |
|
|
Total stockholders’ equity |
167,273 |
|
|
|
425,179 |
|
|
|
Total liabilities, redeemable non-controlling interest, and
stockholders’ equity |
$ |
250,151 |
|
|
|
$ |
563,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
nCino, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(In
thousands, except share and per share
data)(Unaudited)
| |
Three Months Ended January 31, |
|
Fiscal Year Ended January 31, |
| |
2020 |
|
2021 |
|
2020 |
|
2021 |
| Revenues |
|
|
|
|
|
|
|
|
Subscription |
$ |
31,450 |
|
|
|
$ |
44,978 |
|
|
|
$ |
103,265 |
|
|
|
$ |
162,439 |
|
|
|
Professional services |
7,054 |
|
|
|
11,609 |
|
|
|
34,915 |
|
|
|
41,854 |
|
|
|
Total revenues |
38,504 |
|
|
|
56,587 |
|
|
|
138,180 |
|
|
|
204,293 |
|
|
| Cost of
revenues |
|
|
|
|
|
|
|
|
Subscription1 |
9,234 |
|
|
|
13,570 |
|
|
|
31,062 |
|
|
|
47,969 |
|
|
|
Professional services1 |
9,139 |
|
|
|
10,598 |
|
|
|
33,008 |
|
|
|
40,166 |
|
|
|
Total cost of revenues |
18,373 |
|
|
|
24,168 |
|
|
|
64,070 |
|
|
|
88,135 |
|
|
|
Gross profit |
20,131 |
|
|
|
32,419 |
|
|
|
74,110 |
|
|
|
116,158 |
|
|
|
Gross margin % |
52 |
|
% |
|
57 |
|
% |
|
54 |
|
% |
|
57 |
|
% |
| Operating
expenses |
|
|
|
|
|
|
|
|
Sales and marketing1 |
13,370 |
|
|
|
17,704 |
|
|
|
44,440 |
|
|
|
59,731 |
|
|
|
Research and development1 |
10,132 |
|
|
|
16,929 |
|
|
|
35,304 |
|
|
|
58,263 |
|
|
|
General and administrative1 |
6,640 |
|
|
|
11,642 |
|
|
|
22,536 |
|
|
|
40,772 |
|
|
|
Total operating expenses |
30,142 |
|
|
|
46,275 |
|
|
|
102,280 |
|
|
|
158,766 |
|
|
|
Loss from operations |
(10,011 |
) |
|
|
(13,856 |
) |
|
|
(28,170 |
) |
|
|
(42,608 |
) |
|
| Non-operating income
(expense) |
|
|
|
|
|
|
|
|
Interest income |
306 |
|
|
|
72 |
|
|
|
988 |
|
|
|
361 |
|
|
|
Interest expense |
— |
|
|
|
(130 |
) |
|
|
— |
|
|
|
(130 |
) |
|
|
Other income (expense), net |
70 |
|
|
|
1,356 |
|
|
|
33 |
|
|
|
1,693 |
|
|
|
Loss before income tax expense |
(9,635 |
) |
|
|
(12,558 |
) |
|
|
(27,149 |
) |
|
|
(40,684 |
) |
|
|
Income tax expense |
90 |
|
|
|
(123 |
) |
|
|
586 |
|
|
|
586 |
|
|
|
Net loss |
(9,725 |
) |
|
|
(12,435 |
) |
|
|
(27,735 |
) |
|
|
(41,270 |
) |
|
|
Net loss attributable to redeemable non-controlling interest |
(81 |
) |
|
|
(430 |
) |
|
|
(141 |
) |
|
|
(1,130 |
) |
|
|
Adjustment attributable to redeemable non-controlling interest |
— |
|
|
|
53 |
|
|
|
— |
|
|
|
396 |
|
|
|
Net loss attributable to nCino, Inc. |
$ |
(9,644 |
) |
|
|
$ |
(12,058 |
) |
|
|
$ |
(27,594 |
) |
|
|
$ |
(40,536 |
) |
|
| Net loss per share
attributable to nCino, Inc.: |
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.12 |
) |
|
|
$ |
(0.13 |
) |
|
|
$ |
(0.35 |
) |
|
|
$ |
(0.46 |
) |
|
| Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
81,402,156 |
|
|
|
92,789,559 |
|
|
|
78,316,794 |
|
|
|
87,678,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Includes stock-based compensation expense as follows:
| |
Three Months Ended January 31, |
|
Fiscal Year Ended January 31, |
| |
2020 |
|
2021 |
|
2020 |
|
2021 |
|
Cost of subscription revenues |
$ |
69 |
|
|
|
$ |
138 |
|
|
|
$ |
277 |
|
|
|
$ |
576 |
|
|
| Cost of professional services
revenues |
302 |
|
|
|
874 |
|
|
|
1,240 |
|
|
|
|
4,232 |
|
|
| Sales and marketing |
314 |
|
|
|
1,372 |
|
|
|
1,260 |
|
|
|
|
6,190 |
|
|
| Research and development |
319 |
|
|
|
1,057 |
|
|
|
1,245 |
|
|
|
|
5,463 |
|
|
| General and
administrative |
59 |
|
|
|
2,154 |
|
|
|
1,723 |
|
|
|
|
8,747 |
|
|
| Total stock-based compensation
expense |
$ |
1,063 |
|
|
|
$ |
5,595 |
|
|
|
$ |
5,745 |
|
|
|
$ |
25,208 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nCino, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands)(Unaudited)
| |
Fiscal Year Ended January 31, |
| |
2020 |
|
2021 |
| Cash flows from operating
activities |
|
|
|
|
Net loss attributable to nCino, Inc. |
$ |
(27,594 |
) |
|
|
$ |
(40,536 |
) |
|
|
Net loss and adjustment attributable to redeemable non-controlling
interest |
(141 |
) |
|
|
(734 |
) |
|
|
Net loss |
(27,735 |
) |
|
|
(41,270 |
) |
|
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
Depreciation and amortization |
4,609 |
|
|
|
7,431 |
|
|
|
Amortization of costs capitalized to obtain revenue contracts |
3,243 |
|
|
|
4,682 |
|
|
|
Stock-based compensation |
5,745 |
|
|
|
25,208 |
|
|
|
Deferred income taxes |
195 |
|
|
|
168 |
|
|
|
Provision for (recovery of) bad debt |
(105 |
) |
|
|
100 |
|
|
|
Net foreign currency gains |
— |
|
|
|
(1,691 |
) |
|
|
Change in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
(9,289 |
) |
|
|
(20,614 |
) |
|
|
Accounts receivable, related parties |
(4,867 |
) |
|
|
9,201 |
|
|
|
Costs capitalized to obtain revenue contracts |
(5,631 |
) |
|
|
(8,967 |
) |
|
|
Prepaid expenses and other assets |
(1,628 |
) |
|
|
(3,342 |
) |
|
|
Accounts payable and accrued expenses and other liabilities |
2,286 |
|
|
|
7,086 |
|
|
|
Accounts payable, related parties |
1,184 |
|
|
|
956 |
|
|
|
Deferred rent |
1,045 |
|
|
|
(52 |
) |
|
|
Deferred revenue |
20,873 |
|
|
|
38,339 |
|
|
|
Deferred revenue, related parties |
1,077 |
|
|
|
(8,013 |
) |
|
|
Net cash provided by (used in) operating
activities |
(8,998 |
) |
|
|
9,222 |
|
|
|
Cash flows from investing activities |
|
|
|
|
Acquisition of business, net of cash acquired |
(52,267 |
) |
|
|
— |
|
|
|
Purchases of property and equipment |
(5,760 |
) |
|
|
(4,338 |
) |
|
|
Net cash used in investing activities |
(58,027 |
) |
|
|
(4,338 |
) |
|
|
Cash flows from financing activities |
|
|
|
|
Proceeds from initial public offering, net of underwriting
discounts and commissions |
— |
|
|
|
268,375 |
|
|
|
Payments of costs related to initial public offering |
— |
|
|
|
(2,765 |
) |
|
|
Investment from redeemable non-controlling interest |
4,513 |
|
|
|
— |
|
|
|
Proceeds from stock issuance |
80,000 |
|
|
|
— |
|
|
|
Stock issuance costs |
(52 |
) |
|
|
— |
|
|
|
Payments of deferred costs |
(1,412 |
) |
|
|
— |
|
|
|
Exercise of stock options |
1,042 |
|
|
|
8,745 |
|
|
|
Contingent consideration payments |
— |
|
|
|
(197 |
) |
|
|
Principal payments on financing obligation |
— |
|
|
|
(37 |
) |
|
|
Net cash provided by financing activities |
84,091 |
|
|
|
274,121 |
|
|
|
Effect of foreign currency exchange rate changes on cash and cash
equivalents |
(229 |
) |
|
|
1,236 |
|
|
|
Net increase in cash and cash equivalents |
16,837 |
|
|
|
280,241 |
|
|
|
Cash and cash equivalents, beginning of period |
74,347 |
|
|
|
91,184 |
|
|
|
Cash and cash equivalents, end of period |
$ |
91,184 |
|
|
|
$ |
371,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial MeasuresIn 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.
- 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.
- Amortization of Purchased Intangibles.
nCino incurs amortization expense for purchased intangible assets
in connection with acquisitions of certain businesses and
technologies. 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.
In addition, our non-GAAP guidance excludes expenses related to
the government antitrust investigation and related civil action
disclosed in our SEC filings as we do not believe these matters
relate to the operating business and their exclusion from non-GAAP
operating expenses will facilitate a more meaningful explanation of
operating results and comparisons with prior period 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 January 31, |
|
Fiscal Year Ended January 31, |
| |
2020 |
|
2021 |
|
2020 |
|
2021 |
|
GAAP total revenues |
$ |
38,504 |
|
|
|
$ |
56,587 |
|
|
|
$ |
138,180 |
|
|
|
$ |
204,293 |
|
|
| |
|
|
|
|
|
|
|
| GAAP cost of
subscription revenues |
$ |
9,234 |
|
|
|
$ |
13,570 |
|
|
|
$ |
31,062 |
|
|
|
$ |
47,969 |
|
|
|
Amortization expense - developed technology |
(378 |
) |
|
|
(392 |
) |
|
|
(697 |
) |
|
|
(1,525 |
) |
|
|
Stock-based compensation |
(69 |
) |
|
|
(138 |
) |
|
|
(277 |
) |
|
|
(576 |
) |
|
| Non-GAAP cost of
subscription revenues |
$ |
8,787 |
|
|
|
$ |
13,040 |
|
|
|
$ |
30,088 |
|
|
|
$ |
45,868 |
|
|
| |
|
|
|
|
|
|
|
| GAAP cost of
professional services revenues |
$ |
9,139 |
|
|
|
$ |
10,598 |
|
|
|
$ |
33,008 |
|
|
|
$ |
40,166 |
|
|
|
Stock-based compensation |
(302 |
) |
|
|
(874 |
) |
|
|
(1,240 |
) |
|
|
(4,232 |
) |
|
| Non-GAAP cost of
professional services revenues |
$ |
8,837 |
|
|
|
$ |
9,724 |
|
|
|
$ |
31,768 |
|
|
|
$ |
35,934 |
|
|
| |
|
|
|
|
|
|
|
| GAAP gross
profit |
$ |
20,131 |
|
|
|
$ |
32,419 |
|
|
|
$ |
74,110 |
|
|
|
$ |
116,158 |
|
|
|
Amortization expense - developed technology |
378 |
|
|
|
392 |
|
|
|
697 |
|
|
|
1,525 |
|
|
|
Stock-based compensation |
371 |
|
|
|
1,012 |
|
|
|
1,517 |
|
|
|
4,808 |
|
|
| Non-GAAP gross
profit |
$ |
20,880 |
|
|
|
$ |
33,823 |
|
|
|
$ |
76,324 |
|
|
|
$ |
122,491 |
|
|
| Non-GAAP gross margin % |
54 |
|
% |
|
60 |
|
% |
|
55 |
|
% |
|
60 |
|
% |
| |
|
|
|
|
|
|
|
| GAAP sales &
marketing expense |
$ |
13,370 |
|
|
|
$ |
17,704 |
|
|
|
$ |
44,440 |
|
|
|
$ |
59,731 |
|
|
|
Amortization expense - customer relationships |
(417 |
) |
|
|
(418 |
) |
|
|
(937 |
) |
|
|
(1,670 |
) |
|
|
Stock-based compensation |
(314 |
) |
|
|
(1,372 |
) |
|
|
(1,260 |
) |
|
|
(6,190 |
) |
|
| Non-GAAP sales &
marketing expense |
$ |
12,639 |
|
|
|
$ |
15,914 |
|
|
|
$ |
42,243 |
|
|
|
$ |
51,871 |
|
|
| |
|
|
|
|
|
|
|
| GAAP research &
development expense |
$ |
10,132 |
|
|
|
$ |
16,929 |
|
|
|
$ |
35,304 |
|
|
|
$ |
58,263 |
|
|
|
Stock-based compensation |
(319 |
) |
|
|
(1,057 |
) |
|
|
(1,245 |
) |
|
|
(5,463 |
) |
|
| Non-GAAP research
& development expense |
$ |
9,813 |
|
|
|
$ |
15,872 |
|
|
|
$ |
34,059 |
|
|
|
$ |
52,800 |
|
|
| |
|
|
|
|
|
|
|
| GAAP general &
administrative expense |
$ |
6,640 |
|
|
|
$ |
11,642 |
|
|
|
$ |
22,536 |
|
|
|
$ |
40,772 |
|
|
|
Amortization expense - trademarks |
(50 |
) |
|
|
— |
|
|
|
(114 |
) |
|
|
(10 |
) |
|
|
Stock-based compensation |
(59 |
) |
|
|
(2,154 |
) |
|
|
(1,723 |
) |
|
|
(8,747 |
) |
|
| Non-GAAP general &
administrative expense |
$ |
6,531 |
|
|
|
$ |
9,488 |
|
|
|
$ |
20,699 |
|
|
|
$ |
32,015 |
|
|
| |
|
|
|
|
|
|
|
| GAAP loss from
operations |
$ |
(10,011 |
) |
|
|
$ |
(13,856 |
) |
|
|
$ |
(28,170 |
) |
|
|
$ |
(42,608 |
) |
|
|
Amortization expense - developed technology |
378 |
|
|
|
392 |
|
|
|
697 |
|
|
|
1,525 |
|
|
|
Amortization expense - customer relationships |
417 |
|
|
|
418 |
|
|
|
937 |
|
|
|
1,670 |
|
|
|
Amortization expense - trademarks |
50 |
|
|
|
— |
|
|
|
114 |
|
|
|
10 |
|
|
|
Stock-based compensation |
1,063 |
|
|
|
5,595 |
|
|
|
5,745 |
|
|
|
25,208 |
|
|
| Non-GAAP operating
loss |
$ |
(8,103 |
) |
|
|
$ |
(7,451 |
) |
|
|
$ |
(20,677 |
) |
|
|
$ |
(14,195 |
) |
|
| Non-GAAP operating margin |
(21 |
) |
% |
|
(13 |
) |
% |
|
(15 |
) |
% |
|
(7 |
) |
% |
| |
|
|
|
|
|
|
|
| GAAP net loss
attributable to nCino |
$ |
(9,644 |
) |
|
|
$ |
(12,058 |
) |
|
|
$ |
(27,594 |
) |
|
|
$ |
(40,536 |
) |
|
|
Amortization expense - developed technology |
378 |
|
|
|
392 |
|
|
|
697 |
|
|
|
1,525 |
|
|
|
Amortization expense - customer relationships |
417 |
|
|
|
418 |
|
|
|
937 |
|
|
|
1,670 |
|
|
|
Amortization expense - trademarks |
50 |
|
|
|
— |
|
|
|
114 |
|
|
|
10 |
|
|
|
Stock-based compensation |
1,063 |
|
|
|
5,595 |
|
|
|
5,745 |
|
|
|
25,208 |
|
|
| Non-GAAP net loss
attributable to nCino |
$ |
(7,736 |
) |
|
|
$ |
(5,653 |
) |
|
|
$ |
(20,101 |
) |
|
|
$ |
(12,123 |
) |
|
| |
|
|
|
|
|
|
|
| Weighted-average
shares used to compute net loss per share, basic and
diluted |
81,402,156 |
|
|
|
92,789,559 |
|
|
|
78,316,794 |
|
|
|
87,678,323 |
|
|
| |
|
|
|
|
|
|
|
| GAAP net loss
attributable to nCino per share |
$ |
(0.12 |
) |
|
|
$ |
(0.13 |
) |
|
|
$ |
(0.35 |
) |
|
|
$ |
(0.46 |
) |
|
| Non-GAAP net loss
attributable to nCino per share |
$ |
(0.10 |
) |
|
|
$ |
(0.06 |
) |
|
|
$ |
(0.26 |
) |
|
|
$ |
(0.14 |
) |
|
| |
|
|
|
|
|
|
|
| Free cash
flow |
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
(11,168 |
) |
|
|
$ |
(11,925 |
) |
|
|
$ |
(8,998 |
) |
|
|
$ |
9,222 |
|
|
|
Purchases of property and equipment |
(2,386 |
) |
|
|
(583 |
) |
|
|
(5,760 |
) |
|
|
(4,338 |
) |
|
| Free cash
flow |
$ |
(13,554 |
) |
|
|
$ |
(12,508 |
) |
|
|
$ |
(14,758 |
) |
|
|
$ |
4,884 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACTS
INVESTOR CONTACTJoAnn HorneMarket Street
Partners+1 415.445.3240jhorne@marketstreetpartners.com
| MEDIA
CONTACTS |
|
| Claire Sandstrom |
Natalia Moose, nCino |
| +1 646.520.0710 |
+1 910.248.4602 |
| csandstrom@mww.com |
natalia.moose@ncino.com |
nCino (NASDAQ:NCNO)
Historical Stock Chart
From Mar 2024 to Apr 2024
nCino (NASDAQ:NCNO)
Historical Stock Chart
From Apr 2023 to Apr 2024
