Releases Geral
nCino Reports Fourth Quarter and Fiscal Year 2024 Financial Results
AGÊNCIA DE COMUNICAÇÃO Conteúdo de responsabilidade da empresa 26 de março de 2024
nCino, Inc.
Q4 Total Revenues of $123.7M, up 13% year-over-year
Fiscal Year 2024 Total Revenues of $476.5M, up 17% year-over-year
Q4 Subscription Revenues of $107.5M, up 16% year-over-year
Fiscal Year 2024 Subscription Revenues of $409.5M, up 19% year-over-year
Company Announces Chief Revenue Officer Transition
WILMINGTON, N.C., March 26, 2024 (GLOBE NEWSWIRE) — nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the fourth quarter and fiscal year 2024, ended January 31, 2024.
We are very pleased with our fourth quarter fiscal year 2024 financial results, particularly about closing the year with our strongest gross sales quarter in the past ten quarters,” said Pierre Naudé, CEO and Chairman of the Board at nCino. “The team’s solid execution and continued focus on product innovation and experience improvements, coupled with more normal buying cycles and positive tone from customers, fuels our optimism for the year ahead and beyond.
Fourth Quarter Fiscal 2024 Financial Highlights
- Revenues: Total revenues for the fourth quarter of fiscal 2024 were $123.7 million, a 13% increase from $109.2 million in the fourth quarter of fiscal 2023. Subscription revenues for the fourth quarter were $107.5 million, up from $92.8 million one year ago, an increase of 16%.
- Income (Loss) from Operations: GAAP loss from operations in the fourth quarter of fiscal 2024 was $(3.2) million compared to $(23.3) million in the same quarter of fiscal 2023. Non-GAAP operating income in the fourth quarter was $19.3 million compared to $1.8 million in the fourth quarter of fiscal 2023.
- Net Income (Loss) Attributable to nCino: GAAP net income attributable to nCino in the fourth quarter of fiscal 2024 was $1.2 million compared to a $(21.2) million net loss attributable to nCino in the fourth quarter of fiscal 2023. Non-GAAP net income attributable to nCino in the fourth quarter was $23.8 million compared to $4.4 million in the fourth quarter of fiscal 2023.
- Net Income (Loss) Attributable to nCino per Share: GAAP net income attributable to nCino in the fourth quarter of fiscal 2024 was $0.01 per diluted share compared to a $(0.19) loss per basic and diluted share in the fourth quarter of fiscal 2023. Non-GAAP net income attributable to nCino in the fourth quarter was $0.21 per diluted share compared to $0.04 per diluted share in the fourth quarter of fiscal 2023.
- Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of January 31, 2024, was $1.0 billion compared with $944.1 million as of January 31, 2023, an increase of 9%. RPO expected to be recognized in the next 24 months was $675.4 million, an increase of 6% from January 31, 2023.
- Cash: Cash, cash equivalents, and restricted cash were $117.4 million as of January 31, 2024.
Full Year Fiscal 2024 Financial Highlights
- Revenues: Total revenues for fiscal year 2024 were $476.5 million, a 17% increase from $408.3 million in fiscal year 2023. Subscription revenues for fiscal year 2024 were $409.5 million, up from $344.8 million one year ago, an increase of 19%.
- Income (Loss) from Operations: GAAP loss from operations for fiscal year 2024 was $(39.5) million compared to $(94.0) million in fiscal year 2023. Non-GAAP operating income for fiscal year 2024 was $61.8 million compared to a $(2.1) million operating loss last fiscal year.
- Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino for fiscal year 2024 was $(42.3) million compared to $(102.7) million in fiscal year 2023. Non-GAAP net income attributable to nCino for fiscal year 2024 was $58.0 million compared to an $(8.0) million net loss attributable to nCino last fiscal year.
- Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino for fiscal year 2024 was $(0.38) per basic and diluted share compared to $(0.93) per basic and diluted share in fiscal year 2023. Non-GAAP net income attributable to nCino for fiscal year 2024 was $0.50 per diluted share compared to a net loss attributable to nCino of $(0.07) per basic and diluted share last fiscal year.
Recent Business Highlights
- Expanded relationship with a top IMB to include Mortgage Point-of-Sale: Signed one of the nation’s largest and fastest growing independent mortgage banks for nCino Mortgage, expanding on our existing relationship for Incentive Compensation.
- Expanded relationship with Desjardins Group: Expanded relationship with Desjardins Group, the largest cooperative financial group in North America, to include Automated Spreading.
- Signed a top UK non-bank lender for Mortgage and additional lines of business: A top UK non-bank lender selected nCino as the digital lending platform across all of their core products: residential and buy-to-let mortgages, commercial loans, bridging finance and development funding.
- Signed a $4 billion bank in Texas for Commercial, Small Business, and Retail Lending, plus nIQ: The deployment across multiple lines of business will include all of our lending solutions for U.S. customers plus Commercial Pricing & Profitability, Automated Spreading, and Portfolio Analytics.
- Signed Expansions and Extensions: Signed multi-year extensions with expanded agreements for eleven customers paying us more than $1 million in annual subscription fees, including two U.S. Enterprise banks, five U.S. Community & Regional banks, a New Zealand bank, a German Bank, and two Canadian banks.
- Subsequent to the Fourth Quarter, Acquired DocFox: On March 20, 2024, nCino closed the acquisition of DocFox, a leading solution provider automating onboarding experiences for commercial and business banking.
Chief Revenue Officer Transition
Josh Glover, President and Chief Revenue Officer, is leaving nCino and joining a late-stage private company outside of the financial services industry as President and Chief Revenue Officer. Paul Clarkson, who has been working alongside Josh managing nCinos Global Revenue organization, has been promoted to Executive Vice President Global Revenue. Josh will remain as a consultant with nCino through June, helping to ensure a smooth transition.
I am grateful to Josh for his service to nCino for the last 12 years, said Pierre Naudé. While we are sorry to see him leave, we are excited for him and wish him success as he moves on to a new professional challenge.
Naudé added, Paul Clarkson is a proven and respected leader at nCino, having helped build and manage our Global Revenue organization for over eight years. We are confident this will be a seamless transition and that we have the right team in place to carry forward our exciting trajectory and maintain the year-end momentum.
Financial Outlook
nCino is providing guidance for its first quarter ending April 30, 2024, as follows:
- Total revenues between $126.0 million and $127.0 million.
- Subscription revenues between $108.75 million and $109.75 million.
- Non-GAAP operating income between $18.0 million and $19.0 million.
- Non-GAAP net income attributable to nCino per diluted share of $0.13 to $0.14.
nCino is providing guidance for its fiscal year 2025 ending January 31, 2025, as follows:
- Total revenues between $538.5 million and $544.5 million.
- Subscription revenues between $463.0 million and $469.0 million.
- Non-GAAP operating income between $84.0 million and $86.0 million.
- Non-GAAP net income attributable to nCino per diluted share of $0.60 to $0.64.
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 the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,800 financial services providers globally. 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 the acquisition of DocFox, (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, 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 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.
| January 31, 2023 | January 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 82,036 | $ | 112,085 | |||
| Accounts receivable, net | 99,497 | 112,975 | |||||
| Costs capitalized to obtain revenue contracts, current portion, net | 9,386 | 10,544 | |||||
| Prepaid expenses and other current assets | 16,274 | 15,171 | |||||
| Total current assets | 207,193 | 250,775 | |||||
| Property and equipment, net | 84,442 | 79,145 | |||||
| Operating lease right-of-use assets, net | 10,508 | 19,261 | |||||
| Costs capitalized to obtain revenue contracts, noncurrent, net | 18,229 | 17,425 | |||||
| Goodwill | 839,440 | 838,869 | |||||
| Intangible assets, net | 152,825 | 115,572 | |||||
| Investments | 6,531 | 9,294 | |||||
| Long-term prepaid expenses and other assets | 8,101 | 10,089 | |||||
| Total assets | $ | 1,327,269 | $ | 1,340,430 | |||
| Liabilities, redeemable non-controlling interest, and stockholders equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 11,878 | $ | 11,842 | |||
| Accrued compensation and benefits | 22,623 | 16,283 | |||||
| Accrued expenses and other current liabilities | 10,897 | 10,847 | |||||
| Deferred revenue | 154,871 | 170,941 | |||||
| Financing obligations, current portion | 1,015 | 1,474 | |||||
| Operating lease liabilities, current portion | 3,874 | 3,649 | |||||
| Total current liabilities | 205,158 | 215,036 | |||||
| Operating lease liabilities, noncurrent | 7,282 | 16,423 | |||||
| Deferred income taxes, noncurrent | 2,797 | 3,687 | |||||
| Revolving credit facility, noncurrent | 30,000 | ||||||
| Financing obligations, noncurrent | 54,365 | 52,680 | |||||
| Total liabilities | 299,602 | 287,826 | |||||
| Commitments and contingencies | |||||||
| Redeemable non-controlling interest | 3,589 | 3,428 | |||||
| Stockholders equity | |||||||
| Common stock | 56 | 57 | |||||
| Additional paid-in capital | 1,333,669 | 1,400,881 | |||||
| Accumulated other comprehensive income | 694 | 996 | |||||
| Accumulated deficit | (310,341 | ) | (352,758 | ) | |||
| Total stockholders equity | 1,024,078 | 1,049,176 | |||||
| Total liabilities, redeemable non-controlling interest, and stockholders equity | $ | 1,327,269 | $ | 1,340,430 | |||
