nCino Reports Q2 FY25 Revenue Growth

TL;DR

nCino's Q2 revenue up YoY, hitting $104.7M in License & Service.

AI Summary

nCino, Inc. filed its 10-Q for the period ending July 31, 2024. The company reported License and Service revenue of $104.7 million for the second quarter of fiscal year 2025, an increase from $94.1 million in the same period last year. Professional Services revenue also saw a slight increase to $19.7 million from $19.2 million year-over-year.

Why It Matters

This filing provides insight into nCino's financial performance, indicating revenue growth which could impact investor confidence and stock valuation.

Risk Assessment

Risk Level: medium — The filing details financial performance and operational aspects, which inherently carry risks related to market conditions, competition, and execution.

Key Numbers

• $104.7M — License and Service Revenue (Q2 FY25, showing year-over-year growth.)
• $19.7M — Professional Services Revenue (Q2 FY25, indicating a slight increase.)
• 20240731 — Reporting Period End Date (The period covered by this 10-Q filing.)

Key Players & Entities

• nCino, Inc. (company) — Filer of the 10-Q
• 20240731 (date) — End of the reporting period
• $104.7 million (dollar_amount) — License and Service revenue for Q2 FY25
• $94.1 million (dollar_amount) — License and Service revenue for Q2 FY24
• $19.7 million (dollar_amount) — Professional Services revenue for Q2 FY25
• $19.2 million (dollar_amount) — Professional Services revenue for Q2 FY24

FAQ

Key Financial Figures

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

Filing Documents

• ncno-20240731.htm (10-Q) — 1287KB
• exhibit311q2202510q.htm (EX-31.1) — 11KB
• exhibit312q2202510q.htm (EX-31.2) — 11KB
• exhibit321q2202510q.htm (EX-32.1) — 5KB
• exhibit322q2202510q.htm (EX-32.2) — 5KB
• 0001902733-24-000152.txt ( ) — 7079KB
• ncno-20240731.xsd (EX-101.SCH) — 46KB
• ncno-20240731_cal.xml (EX-101.CAL) — 100KB
• ncno-20240731_def.xml (EX-101.DEF) — 219KB
• ncno-20240731_lab.xml (EX-101.LAB) — 676KB
• ncno-20240731_pre.xml (EX-101.PRE) — 467KB
• ncno-20240731_htm.xml (XML) — 893KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of January 31, 2024 and July 31, 2024 (Unaudited) 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended July 31, 2023 and 2024 2 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended July 31, 2023 and 2024 3 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended July 31, 2023 and 2024 4 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended July 31, 2023 and 2024 6 Notes to Unaudited Condensed Consolidated Financial Statements 8

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 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 37

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 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 July 31, 2024 (Unaudited) Assets Current assets Cash and cash equivalents (VIE: $ 2,277 and $ 1,963 at January 31, 2024 and July 31, 2024, respectively) $ 112,085 $ 121,410 Accounts receivable, less allowances of $ 1,451 and $ 1,204 at January 31, 2024 and July 31, 2024, respectively 112,975 78,819 Costs capitalized to obtain revenue contracts, current portion, net 10,544 11,565 Prepaid expenses and other current assets 15,171 16,957 Total current assets 250,775 228,751 Property and equipment, net 79,145 76,785 Operating lease right-of-use assets, net 19,261 15,928 Costs capitalized to obtain revenue contracts, noncurrent, net 17,425 19,137 Goodwill 838,869 908,000 Intangible assets, net 115,572 135,524 Investments (related party $ 2,500 at January 31, 2024 and July 31, 2024) 9,294 9,294 Long-term prepaid expenses and other assets 10,089 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 benefits 16,283 11,555 Accrued expenses and other current liabilities 10,847 7,930 Deferred revenue, current portion 170,941 172,038 Financing obligations, current portion 1,474 1,567 Operating lease liabilities, current portion 3,649 4,750 Total current liabilities 215,036 210,977 Operating lease liabilities, noncurrent 16,423 12,508 Deferred income taxes, noncurrent 3,687 11,196 Deferred revenue, noncurrent — 569 Revolving credit facility, noncurrent — 40,000 Financing obligations, noncurrent 52,680 51,865 Other long-term liabilities — 2,644 Total liabilities 287,826 329,759 Commitments and contingencies (Note 12) Redeemable non-controlling interest (Note 3) 3,428 4,133 Stockholders' equity Preferred stock, $ 0.001 par value; 10,000,000 shares

View Full Filing

View this 10-Q filing on SEC EDGAR