nCino, Inc. Files 10-Q for Q1 2024

TL;DR

nCino's Q1 2024 10-Q is in. Check revenue streams for License & Service and Professional Services.

AI Summary

nCino, Inc. filed its 10-Q for the period ending April 30, 2024. The company reported its financial results, including revenue from License and Service fees and Professional Services. Specific dollar amounts and dates for these revenue streams are detailed within the filing.

Why It Matters

This filing provides investors with nCino's latest financial performance and operational details, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal varying levels of risk depending on the company's performance and disclosures.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-05-29 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2023-02-01 to 2023-04-30 — Prior Year Q1 Period (Provides a comparative period for financial analysis.)
• 2024-02-01 to 2024-04-30 — Current Year Q1 Period (The primary period covered by the financial statements in this filing.)

Key Players & Entities

• nCino, Inc. (company) — Filer of the 10-Q
• 20240430 (date) — End of the reporting period
• 20240529 (date) — Filing date
• 7372 (number) — Standard Industrial Classification for Prepackaged Software
• DE (location) — State of Incorporation
• NC (location) — State for business and mail address
• Penny HoldCo, Inc. (company) — Former company name
• 20220104 (date) — Date of former company name change

FAQ

Key Financial Figures

• $0.0005 — ich registered Common stock, par value $0.0005 per share NCNO The Nasdaq Global Select

Filing Documents

• ncno-20240430.htm (10-Q) — 1019KB
• exhibit103contractoragreem.htm (EX-10.3) — 86KB
• exhibit104amendedandrestat.htm (EX-10.4) — 79KB
• exhibit311q1202510q.htm (EX-31.1) — 11KB
• exhibit312q1202510q.htm (EX-31.2) — 11KB
• exhibit321q1202510q.htm (EX-32.1) — 5KB
• exhibit322q1202510q.htm (EX-32.2) — 5KB
• 0001902733-24-000115.txt ( ) — 6690KB
• ncno-20240430.xsd (EX-101.SCH) — 48KB
• ncno-20240430_cal.xml (EX-101.CAL) — 97KB
• ncno-20240430_def.xml (EX-101.DEF) — 233KB
• ncno-20240430_lab.xml (EX-101.LAB) — 670KB
• ncno-20240430_pre.xml (EX-101.PRE) — 469KB
• ncno-20240430_htm.xml (XML) — 759KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of January 31, 2024 and April 30, 2024 (Unaudited) 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended April 30, 2023 and 2024 2 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended April 30, 2023 and 2024 3 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended April 30, 2023 and 2024 4 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended April 30, 2023 and 2024 5 Notes to Unaudited Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 34

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

Signatures

Signatures 37 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies and plans, trends, market sizing, competitive position, industry environment, potential growth opportunities and product capabilities, among other things. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as "aim," "anticipates," "believes," "could," "estimates," "expects," "goal," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "strive," "will," "would," or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including those described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this report speaks only as of the date on which it is made. Except as required by law, we disclaim any obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. As used in this report, the terms "nCino," the "Company," "we," "us," and "our" mean nCino, Inc. and its subsidiaries unless the context indicates otherwis

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements nCino, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) January 31, 2024 April 30, 2024 (Unaudited) Assets Current assets Cash and cash equivalents (VIE: $ 2,277 and $ 1,983 at January 31, 2024 and April 30, 2024, respectively) $ 112,085 $ 129,481 Accounts receivable, less allowances of $ 1,451 and $ 1,100 at January 31, 2024 and April 30, 2024, respectively 112,975 78,508 Costs capitalized to obtain revenue contracts, current portion, net 10,544 11,356 Prepaid expenses and other current assets 15,171 17,239 Total current assets 250,775 236,584 Property and equipment, net 79,145 77,701 Operating lease right-of-use assets, net 19,261 16,702 Costs capitalized to obtain revenue contracts, noncurrent, net 17,425 18,909 Goodwill 838,869 907,513 Intangible assets, net 115,572 142,705 Investments (related party $ 2,500 at January 31, 2024 and April 30, 2024) 9,294 9,294 Long-term prepaid expenses and other assets 10,089 14,484 Total assets $ 1,340,430 $ 1,423,892 Liabilities, redeemable non-controlling interest, and stockholders' equity Current liabilities Accounts payable $ 11,842 $ 16,118 Accrued compensation and benefits 16,283 11,064 Accrued expenses and other current liabilities 10,847 8,816 Deferred revenue, current portion 170,941 179,835 Financing obligations, current portion 1,474 1,520 Operating lease liabilities, current portion 3,649 4,338 Total current liabilities 215,036 221,691 Operating lease liabilities, noncurrent 16,423 13,423 Deferred income taxes, noncurrent 3,687 10,288 Deferred revenue, noncurrent — 656 Revolving credit facility, noncurrent — 55,000 Financing obligations, noncurrent 52,680 52,275 Other long-term liabilities — 2,577 Total liabilities 287,826 355,910 Commitments and contingencies (Note 12) Redeemable non-controlling interest (Note 3) 3,428 4,105 Stockholders' equity Preferred stock, $ 0.001 par value; 10,000,000 sh

View Full Filing

View this 10-Q filing on SEC EDGAR