Correction to Press Release Announcing nCinos Third Quarter Fiscal Year 2025 Financial Results

AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 4 de dezembro de 2024

nCino, Inc.

• Correcting Guidance for Fiscal Year 2025 Non-GAAP net income attributable to nCino per diluted share
• Total Revenues of $138.8M, up 14% year-over-year
• Subscription Revenues of $119.9M, up 14% year-over-year
• GAAP Operating Margin of (1)%, up ~1,000 basis points year-over-year
• Non-GAAP Operating Margin of 20%, up ~350 basis points year-over-year

WILMINGTON, N.C., Dec. 04, 2024 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the third quarter of fiscal year 2025, ended October 31, 2024.

“We are very pleased with our third quarter results, once again exceeding expectations for both revenues and non-GAAP operating income,” said Pierre Naudé, Chairman and CEO at nCino. “The team delivered solid execution globally, with over 30 multi-solution deals and more gross bookings from net new customers than the previous two quarters combined. Multi-solution deals continue to show the demand for a true end-to-end platform for financial institutions to onboard customers, open accounts, originate loans and manage the portfolio across multiple business lines. We remain focused on innovation and delivering efficiencies that create real business value, and we’re excited by the strength and expansion we saw in our business this quarter as a result of that reputation.”

Financial Highlights

• Revenues: Total revenues for the third quarter of fiscal 2025 were $138.8 million, a 14% increase from $121.9 million in the third quarter of fiscal 2024. Subscription revenues for the third quarter were $119.9 million, up from $104.8 million one year ago, an increase of 14%.
• Income (Loss) from Operations: GAAP loss from operations in the third quarter of fiscal 2025 was $(0.8) million compared to $(12.9) million in the same quarter of fiscal 2024. Non-GAAP operating income in the third quarter of fiscal 2025 was $28.0 million compared to $20.4 million in the third quarter of fiscal 2024, an increase of 38%.
• Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(5.3) million compared to $(16.4) million in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter of fiscal 2025 was $24.4 million compared to $16.2 million in the third quarter of fiscal 2024, an increase of 51%.
• Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(0.05) per basic and diluted share compared to $(0.15) per basic and diluted share in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter was $0.21 per diluted share compared to $0.14 per diluted share in the third quarter of fiscal 2024.
• Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of October 31, 2024, was $1.095 billion, compared with $917.1 million as of October 31, 2023, an increase of 19%. RPO expected to be recognized in the next 24 months was $730.0 million, an increase of 16% from $627.6 million as of October 31, 2023.
• Cash: Cash, cash equivalents, and restricted cash were $258.3 million as of October 31, 2024, which reflected refinancing the revolving credit facility and included $129.7 million that was subsequently utilized to acquire FullCircl on November 5, 2024.

Recent Business Highlights

• Completed acquisition of FullCircl: Closed the acquisition of FullCircl on November 5, 2024, expanding nCino’s onboarding capabilities by adding data aggregation components to the platform for financial institutions in EMEA.
• Signed a multi-solution expansion agreement with a top-40 bank in the U.S.: Shortly after quarter end, expanded relationship with a top-40 bank in the U.S. for Commercial and Small Business Lending, Commercial Pricing & Profitability, Automated Spreading and Banking Advisor.
• Signed first Banking Advisor deal in Australia: Extended relationship with a top-5 Australian bank for three years with the addition of Banking Advisor.
• Signed largest customer in Japan: Tokushima Taisho Bank selected nCino to transform its business lending operations, making the bank nCinos largest customer in Japan.
• Signed an expansion agreement with the largest bank in Norway: The bank expanded its adoption of nCino Commercial Lending, including Banking Advisor, and will also be running Credit Portfolio Management and ESG reporting on nCino.
• One of the largest home builders in the U.S. went live on the nCino Mortgage Solution: The affiliate mortgage company of a large, national home builder completed its rollout of the nCino Mortgage Solution.

Financial Outlook
nCino is providing guidance for its fourth quarter ending January 31, 2025, as follows:

• Total revenues between $139.5 million and $141.5 million.
• Subscription revenues between $122.5 million and $124.5 million.
• Non-GAAP operating income between $23.25 million and $24.25 million.
• Non-GAAP net income attributable to nCino per diluted share of $0.18 to $0.19.

nCino is providing guidance for its fiscal year 2025 ending January 31, 2025, as follows:

• Total revenues between $539.0 million and $541.0 million.
• Subscription revenues between $467.0 million and $469.0 million.
• Non-GAAP operating income between $95.0 million and $96.0 million.
• Non-GAAP net income attributable to nCino per diluted share of $0.72 to $0.73.

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 nCinos website: https://investor.ncino.com/news-events/events-and-presentations. 

About nCino
nCino (NASDAQ: NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 1,800 customers worldwide – including community banks, credit unions, independent mortgage banks, and the largest financial entities globally – nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. 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 nCinos future performance, outlook, guidance, the assumptions underlying those statements, the benefits from the use of nCinos 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 nCinos 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 nCinos 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 managements 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 nCinos 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, 2024				October 31, 2024
Assets
Current assets
Cash and cash equivalents	$	112,085			$	257,894
Accounts receivable, net		112,975				65,013
Costs capitalized to obtain revenue contracts, current portion, net		10,544				12,214
Prepaid expenses and other current assets		15,171				13,523
Total current assets		250,775				348,644
Property and equipment, net		79,145				75,711
Operating lease right-of-use assets, net		19,261				14,938
Costs capitalized to obtain revenue contracts, noncurrent, net		17,425				20,185
Goodwill		838,869				908,559
Intangible assets, net		115,572				128,344
Investments		9,294				9,294
Long-term prepaid expenses and other assets		10,089				10,931
Total assets	$	1,340,430			$	1,516,606
Liabilities, redeemable non-controlling interest, and stockholders equity
Current liabilities
Accounts payable	$	11,842			$	12,123
Accrued compensation and benefits		16,283				16,370
Accrued expenses and other current liabilities		10,847				11,594
Deferred revenue, current portion		170,941				132,382
Financing obligations, current portion		1,474				1,614
Operating lease liabilities, current portion		3,649				4,830
Total current liabilities		215,036				178,913
Operating lease liabilities, noncurrent		16,423				11,829
Deferred income taxes, noncurrent		3,687				10,577
Deferred revenue, noncurrent						431
Revolving credit facility, noncurrent						166,000
Financing obligations, noncurrent		52,680				51,624
Other long-term liabilities						3,726
Total liabilities		287,826				423,100
Commitments and contingencies
Redeemable non-controlling interest		3,428				5,243
Stockholders equity
Common stock		57				58
Additional paid-in capital		1,400,881				1,456,411
Accumulated other comprehensive income		996				1,615
Accumulated deficit		(352,758	)			(369,821	)
Total stockholders equity		1,049,176				1,088,263
Total liabilities, redeemable non-controlling interest, and stockholders equity	$	1,340,430			$	1,516,606

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nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited)
	Three Months Ended October 31,								Nine Months Ended October 31,
	2023				2024				2023				2024
Revenues
Subscription	$	104,759			$	119,894			$	301,996			$	344,211
Professional services and other		17,183				18,903				50,854				55,076
Total revenues		121,942				138,797				352,850				399,287
Cost of revenues
Subscription		30,605				33,769				89,481				98,916
Professional services and other		17,420				19,976				52,779				59,940
Total cost of revenues		48,025				53,745				142,260