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nCino Reports Fourth Quarter and Fiscal Year 2023 Financial Results

Q4 Total Revenues of $109.2M, up 46% year-over-year, Fiscal Year 2023 Total Revenues of $408.3M, up 49% year-over-year;
Q4 Subscription Revenues of $92.8M, up 48% year-over-year, Fiscal Year 2023 Subscription Revenues of $344.8M, up 53% year-over-year;
Company Achieves Second Consecutive Quarter of Positive Non-GAAP Operating Income

WILMINGTON, N.C., March 28, 2023 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced financial results for the fourth quarter and fiscal year 2023, ended January 31, 2023.

“We are pleased with our strong fourth quarter financial results, as we once again exceeded top and bottom-line guidance,” said Pierre Naudé, Chairman and Chief Executive Officer of nCino. “While there is uncertainty in the banking industry right now, nCino is in an enviable position due to the visibility and resiliency of our business model, our large, diversified, global customer base, and our single platform which provides financial institutions a 360-degree view of their customers. We are confident in our strategy and our ability to continue driving the next wave of modernization in the financial services industry.”

Fourth Quarter Fiscal 2023 Financial Highlights

  • Revenues: Total revenues for the fourth quarter of fiscal 2023 were $109.2 million, a 46% increase from $75.0 million in the fourth quarter of fiscal 2022. Subscription revenues for the fourth quarter were $92.8 million, up from $62.8 million one year ago, an increase of 48%. These revenues include the results of SimpleNexus. Organic subscription revenues, which exclude the revenues of SimpleNexus, were $77.0 million, a 30% increase from the fourth quarter of fiscal 2022.
  • Loss from Operations: GAAP loss from operations in the fourth quarter of fiscal 2023 was $(23.3) million compared to $(30.0) million in the same quarter of fiscal 2022. Non-GAAP operating income in the fourth quarter was $1.8 million compared to a loss of $(8.3) million in the fourth quarter of fiscal 2022.
  • Net Loss Attributable to nCino: GAAP net loss attributable to nCino, Inc. in the fourth quarter of fiscal 2023 was $(21.2) million compared to $(7.1) million in the fourth quarter of fiscal 2022. Non-GAAP net income attributable to nCino, Inc. in the fourth quarter was $4.4 million compared to a net loss of $(9.3) million in the fourth quarter of fiscal 2022.
  • Net Loss Attributable to nCino per Share: GAAP net loss attributable to nCino, Inc. in the fourth quarter of fiscal 2023 was $(0.19) per basic and diluted share compared to $(0.07) per basic and diluted share in the fourth quarter of fiscal 2022. Non-GAAP net income attributable to nCino, Inc. in the fourth quarter was $0.04 per diluted share compared to a net loss of $(0.09) per basic and diluted share in the fourth quarter of fiscal 2022.
  • Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of January 31, 2023, was $944.1 million, an increase of 3% compared to January 31, 2022. RPO expected to be recognized in the next 24 months was $634.8 million, an increase of 18% from $538.4 million as of January 31, 2022.
  • Cash: Cash, cash equivalents, and restricted cash were $87.4 million as of January 31, 2023.

Full Year Fiscal 2023 Financial Highlights

  • Revenues: Total revenues for fiscal year 2023 were $408.3 million, a 49% increase from $273.9 million in fiscal year 2022. Subscription revenues for fiscal year 2023 were $344.8 million, up from $224.9 million one year ago, an increase of 53%. These revenues include the results of SimpleNexus. Organic subscription revenues, which exclude the results of SimpleNexus, were $285.0 million, a 29% increase from last fiscal year.
  • Loss from Operations: GAAP loss from operations for fiscal year 2023 was $(94.0) million compared to $(71.4) million in fiscal year 2022. Non-GAAP operating loss for fiscal year 2023 was $(2.1) million compared to $(17.6) million last fiscal year.
  • Net Loss Attributable to nCino: GAAP net loss attributable to nCino, Inc. for fiscal year 2023 was $(102.7) million compared to $(49.4) million in fiscal year 2022. Non-GAAP net loss attributable to nCino, Inc. for fiscal year 2023 was $(8.0) million compared to $(19.5) million last fiscal year.
  • Net Loss Attributable to nCino per Share: GAAP net loss attributable to nCino, Inc. for fiscal year 2023 was $(0.93) per basic and diluted share compared to $(0.51) per basic and diluted share in fiscal year 2022. Non-GAAP net loss attributable to nCino, Inc. for fiscal year 2023 was $(0.07) per basic and diluted share compared to $(0.20) per basic and diluted share last fiscal year.

Recent Business Highlights

  • Platform Selected by a $6-billion Community Bank to Modernize Multiple Lines of Business: Johnson Financial Group (JFG) selected the nCino platform for Commercial, Retail, and Small Business Lending, and Deposit Account Opening. JFG will also be using multiple nCino IQ (nIQ®) solutions – AutoSpreading and Commercial Pricing and Profitability – to further harness the advantage of a single platform across the institution.
  • Signed New Deals in EMEA: Added one of the largest banks in Ireland as a customer as well as the U.K. division of a $75 billion global bank for commercial lending.   
  • Largest Commercial Pricing and Profitability Commitment: New nIQ customers included a top-50 U.S. Bank that selected nCino’s Commercial Pricing and Profitability solution to benefit from a tightly integrated view of relationship profitability, representing our largest sale of this offering to date.
  • SimpleNexus Signed Three Record Deals: SimpleNexus signed its three largest initial contracts ever in the fourth quarter, two of which were cross-sells into the nCino customer base. The largest new commitment came from the lending arm of a premier home builder.
  • Record Go-Live Year Capped with a Top-10 U.S. Bank: nCino Professional Services, along with a strategic SI partner, completed projects to activate two lines of business for a top- 10 U.S. bank.
  • Updated Small Business Banking Solution Embraced by PeoplesBank: From qualification to approval, Small Business loans at PeoplesBank are occurring five times faster with nCino Small Business Banking, just one example of the efficiencies brought to PeoplesBank by the nCino platform.

Financial Outlook
nCino is providing guidance for its first quarter ending April 30, 2023, as follows:

  • Total revenues between $111.5 million and $113.5 million.
  • Subscription revenues between $95.5 million and $97.5 million.
  • Non-GAAP operating income between $7.0 million and $9.0 million.
  • Non-GAAP net income attributable to nCino, Inc. per diluted share of $0.04 to $0.05.

nCino is providing guidance for its fiscal year 2024 ending January 31, 2024, as follows:

  • Total revenues between $476 million and $483 million.
  • Subscription revenues between $407 million and $412 million.
  • Non-GAAP operating income between $45 million and $50 million.
  • Non-GAAP net income attributable to nCino, Inc. per diluted share of $0.36 to $0.40.

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. 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 cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard 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 is partnered with more than 1,850 financial institutions of all types and sizes on a global basis. 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 the acquisition of SimpleNexus, (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, including SimpleNexus; (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, 2022 January 31, 2023
Assets   
Current assets   
 Cash and cash equivalents$88,014  $82,036 
 Accounts receivable, net 74,528   99,497 
 Costs capitalized to obtain revenue contracts, current portion, net 7,583   9,386 
 Prepaid expenses and other current assets 13,384   16,274 
  Total current assets 183,509   207,193 
Property and equipment, net 60,677   84,442 
Operating lease right-of-use assets, net 13,170   10,508 
Costs capitalized to obtain revenue contracts, noncurrent, net 16,403   18,229 
Goodwill 841,487   839,440 
Intangible assets, net 180,122   152,825 
Investments 4,031   6,531 
Other long-term assets 1,615   8,101 
  Total assets$1,301,014  $1,327,269 
Liabilities, redeemable non-controlling interest, and stockholders’ equity   
Current liabilities   
 Accounts payable$11,366  $11,878 
 Accrued compensation and benefits 21,454   22,623 
 Accrued expenses and other current liabilities 14,744   10,897 
 Deferred revenue, current portion 122,643   154,871 
 Financing obligations, current portion 621   1,015 
 Operating lease liabilities, current portion 3,548   3,874 
  Total current liabilities 174,376   205,158 
Operating lease liabilities, noncurrent 11,198   7,282 
Deferred income taxes, noncurrent 1,675   2,797 
Deferred revenue, noncurrent 44    
Revolving credit facility, noncurrent    30,000 
Financing obligations, noncurrent 33,478   54,365 
Construction liability, noncurrent 9,736    
  Total liabilities 230,507   299,602 
Commitments and contingencies   
Redeemable non-controlling interest 2,882   3,589 
Stockholders’ equity   
 Common stock 55   56 
 Additional paid-in capital 1,277,258   1,333,669 
 Accumulated other comprehensive income (loss) (72)  694 
 Accumulated deficit (209,616)  (310,341)
  Total stockholders’ equity 1,067,625   1,024,078 
  Total liabilities, redeemable non-controlling interest, and stockholders’ equity$1,301,014  $1,327,269 



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,
   2022
 2023
 2022
 2023
Revenues       
 Subscription$62,802  $92,828  $224,854  $344,752 
 Professional services and other 12,153   16,353   49,011   63,563 
 Total revenues 74,955   109,181   273,865   408,315 
Cost of revenues       
 Subscription 18,501   27,766   64,508   106,265 
 Professional services and other 12,784   17,161   46,905   63,341 
 Total cost of revenues 31,285   44,927   111,413   169,606 
  Gross profit 43,670   64,254   162,452   238,709 
  Gross margin % 58%  59%  59%  58%
Operating expenses       
 Sales and marketing 24,674   33,395   82,901   127,669 
 Research and development 23,373   33,289   79,363   121,576 
 General and administrative 25,614   20,902   71,545   83,477 
 Total operating expenses 73,661   87,586   233,809   332,722 
  Loss from operations (29,991)  (23,332)  (71,357)  (94,013)
Non-operating income (expense)       
 Interest income 21   288   194   403 
 Interest expense (537)  (958)  (1,514)  (2,807)
 Other income (expense), net (952)  4,142   (1,277)  (1,356)
  Loss before income taxes (31,459)  (19,860)  (73,954)  (97,773)
 Income tax provision (benefit) (24,863)  1,912   (23,833)  4,071 
  Net loss (6,596)  (21,772)  (50,121)  (101,844)
 Net loss attributable to redeemable non-controlling interest (310)  (211)  (1,569)  (1,119)
 Adjustment attributable to redeemable non-controlling interest 833   (353)  894   1,995 
  Net loss attributable to nCino, Inc.$(7,119) $(21,208) $(49,446) $(102,720)
Net loss per share attributable to nCino, Inc.:       
 Basic and diluted$(0.07) $(0.19) $(0.51) $(0.93)
Weighted average number of common shares outstanding:       
 Basic and diluted 100,319,094   111,161,074   96,722,464   110,615,734 



nCino, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

    Fiscal Year Ended January 31,
    2022
 2023
Cash flows from operating activities   
 Net loss attributable to nCino, Inc.$(49,446) $(102,720)
 Net loss and adjustment attributable to redeemable non-controlling interest (675)  876 
 Net loss (50,121)  (101,844)
 Adjustments to reconcile net loss to net cash used in activities:   
  Depreciation and amortization 10,006   34,652 
  Non-cash operating lease costs 2,534   3,840 
  Amortization of costs capitalized to obtain revenue contracts 5,779   8,459 
  Amortization of debt issuance costs    177 
  Stock-based compensation 28,477   50,232 
  Deferred income taxes (24,280)  1,627 
  Provision for bad debt 90   806 
  Net foreign currency losses 1,860   1,548 
  Change in operating assets and liabilities:   
   Accounts receivable (13,507)  (26,795)
   Costs capitalized to obtain revenue contracts (11,045)  (12,235)
   Prepaid expenses and other assets (2,503)  (3,433)
   Accounts payable 8,796   35 
   Accounts payable, related parties (4,363)   
   Accrued expenses and other current liabilities 7,311   (1,210)
   Deferred revenue 24,317   33,527 
   Operating lease liabilities (2,580)  (4,767)
   Net cash used in operating activities (19,229)  (15,381)
 Cash flows from investing activities   
  Acquisition of business, net of cash acquired (268,994)  676 
  Acquisition of assets    (563)
  Purchases of property and equipment (5,463)  (18,338)
  Purchase of investments (4,031)  (2,500)
   Net cash used in investing activities (278,488)  (20,725)
 Cash flows from financing activities   
  Proceeds from borrowings on revolving credit facility    50,000 
  Payments on revolving credit facility    (20,000)
  Payments of debt issuance costs    (367)
  Stock issuance costs (210)   
  Exercise of stock options 13,907   3,750 
  Stock issuance under the employee stock purchase plan 2,543   4,450 
  Principal payments on financing obligations (318)  (1,121)
   Net cash provided by financing activities 15,922   36,712 
 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash (1,231)  (1,587)
   Net decrease in cash, cash equivalents, and restricted cash (283,026)  (981)
 Cash, cash equivalents, and restricted cash, beginning of period 371,425   88,399 
 Cash, cash equivalents, and restricted cash, end of period$88,399  $87,418 
       
 Reconciliation of cash, cash equivalents, and restricted cash, end of period:   
  Cash and cash equivalents$88,014  $82,036 
  Restricted cash included in other long-term assets 385   5,382 
 Total cash, cash equivalents, and restricted cash, end of period$88,399  $87,418 


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 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. Adjustments to stock-based compensation in connection with restructuring events are presented in Stock-Based Compensation Expenses.
  • Tax Benefit Related to the SimpleNexus Acquisition. Upon the acquisition of SimpleNexus, nCino reduced the valuation allowance against U.S. 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 loss attributable to nCino and non-GAAP net loss 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 January Fiscal Year Ended January 31,
 2022 2023 2022 2023
GAAP total revenues$74,955  $109,181  $273,865  $408,315 
        
GAAP cost of subscription revenues$18,501  $27,766  $64,508  $106,265 
Amortization expense - developed technology (1,427)  (4,252)  (2,604)  (17,019)
Stock-based compensation (239)  (310)  (960)  (1,430)
Restructuring charges1    (4)     (4)
Non-GAAP cost of subscription revenues$16,835  $23,200  $60,944  $87,812 
        
GAAP cost of professional services and other revenues$12,784  $17,161  $46,905  $63,341 
Amortization expense - other    (47)     (94)
Stock-based compensation (1,314)  (1,699)  (5,195)  (7,263)
Restructuring charges1    (333)     (333)
Non-GAAP cost of professional services and other revenues$11,470  $15,082  $41,710  $55,651 
        
GAAP gross profit$43,670  $64,254  $162,452  $238,709 
Amortization expense - developed technology 1,427   4,252   2,604   17,019 
Amortization expense - other    47      94 
Stock-based compensation 1,553   2,009   6,155   8,693 
Restructuring charges1    337      337 
Non-GAAP gross profit$46,650  $70,899  $171,211  $264,852 
        
The following table sets forth reconciling items as a percentage of total revenue for the periods presented.2
GAAP gross margin % 58%  59%  59%  58%
Amortization expense - developed technology 2   4   1   4 
Amortization expense - other           
Stock-based compensation 2   2   2   2 
Restructuring charges1           
Non-GAAP gross margin % 62%  65%  63%  65%
        
GAAP sales & marketing expense$24,674  $33,395  $82,901  $127,669 
Amortization expense - customer relationships (888)  (2,168)  (2,141)  (8,670)
Amortization expense - trade name (162)  (604)  (162)  (2,417)
Stock-based compensation (2,105)  (3,139)  (7,520)  (13,283)
Restructuring charges1    (1,333)     (1,333)
Non-GAAP sales & marketing expense$21,519  $26,151  $73,078  $101,966 
        
GAAP research & development expense$23,373  $33,289  $79,363  $121,576 
Stock-based compensation (1,606)  (3,145)  (6,186)  (11,602)
Restructuring charges1    (2,135)     (2,135)
Non-GAAP research & development expense$21,767  $28,009  $73,177  $107,839 
        
GAAP general & administrative expense$25,614  $20,902  $71,545  $83,477 
Stock-based compensation (2,664)  (3,463)  (8,616)  (16,654)
Acquisition-related expenses (9,104)  (206)  (10,006)  (2,276)
Litigation expenses (2,158)  (1,054)  (10,326)  (6,147)
Restructuring charges1    (1,212)     (1,212)
Non-GAAP general & administrative expense$11,688  $14,967  $42,597  $57,188 
        
GAAP loss from operations$(29,991) $(23,332) $(71,357) $(94,013)
Amortization of intangible assets 2,477   7,071   4,907   28,200 
Stock-based compensation 7,928   11,756   28,477   50,232 
Acquisition-related expenses 9,104   206   10,006   2,276 
Litigation expenses 2,158   1,054   10,326   6,147 
Restructuring charges1    5,017      5,017 
Non-GAAP operating income (loss)$(8,324) $1,772  $(17,641) $(2,141)
        
The following table sets forth reconciling items as a percentage of total revenue for the periods presented.2
GAAP operating margin %(40)% (21)% (26)% (23)%
Amortization of intangible assets 3   6   2   7 
Stock-based compensation 11   11   10   12 
Acquisition-related expenses 12      4   1 
Litigation expenses 3   1   4   2 
Restructuring charges1    5      1 
Non-GAAP operating margin %(11)%  2% (6)% (1)%
        
GAAP net loss attributable to nCino, Inc.$(7,119) $(21,208) $(49,446) $(102,720)
Amortization of intangible assets 2,477   7,071   4,907   28,200 
Stock-based compensation 7,928   11,756   28,477   50,232 
Acquisition-related expenses 9,104   206   10,006   2,276 
Litigation expenses 2,158   1,054   10,326   6,147 
Restructuring charges1    5,017      5,017 
Tax (benefit) provision related to the SimpleNexus acquisition (24,646)  860   (24,646)  860 
Income tax effect on non-GAAP adjustments (3)  (2)  (12)  (14)
Adjustment attributable to redeemable non-controlling interest 833   (353)  894   1,995 
Non-GAAP net income (loss) attributable to nCino, Inc.$(9,268) $4,401  $(19,494) $(8,007)
        
Basic and diluted GAAP net loss attributable to nCino, Inc. per share$(0.07) $(0.19) $(0.51) $(0.93)
Weighted-average shares used to compute basic and diluted GAAP net income (loss) attributable to nCino, Inc. per share 100,319,094   111,161,074   96,722,464   110,615,734 
Basic non-GAAP net income (loss) attributable to nCino, Inc. per share$(0.09) $0.04  $(0.20) $(0.07)
Weighted-average shares used to compute basic non-GAAP net income (loss) attributable to nCino, Inc. per share 100,319,094   111,161,074   96,722,464   110,615,734 
Diluted non-GAAP net income (loss) attributable to nCino, Inc. per share$(0.09) $0.04  $(0.20) $(0.07)
Weighted-average shares used to compute diluted non-GAAP net income (loss) attributable to nCino, Inc. per share 100,319,094   113,417,769   96,722,464   110,615,734 
        
Free cash flow       
Net cash used in operating activities$(21,052) $(22,020) $(19,229) $(15,381)
Purchases of property and equipment (1,823)  (4,449)  (5,463)  (18,338)
Free cash flow$(22,875) $(26,469) $(24,692) $(33,719)
Principal payments on financing obligations3 (137)  (663)  (318)  (1,121)
Free cash flow less principal payments on financing obligation$(23,012) $(27,132) $(25,010) $(34,840)

Stock-based compensation benefit related to restructuring is included in Stock-based compensation.
Columns may not foot due to rounding.
These 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
Kathryn Cook
nCino
+1 919.691.4206
Kathryn.cook@ncino.com 


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