• Total Revenues of $128.1M, up 13% year-over-year • Subscription Revenues of $110.4M, up 13% year-over-year • GAAP Operating Margin of (3)%, up ~500 basis points year-over-year • Non-GAAP Operating Margin of 19%, up ~900 basis points year-over-year WILMINGTON, N.C., May 29, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ:NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the first quarter of fiscal year 2025, ended April 30, 2024. "Building on our fourth quarter momentum, we had a great start to the year, achieving our highest first-quarter gross sales in Company history," said Pierre Naudé, Chairman and CEO at nCino. "Our strong sales execution produced wins across multiple markets, highlighting the breadth and depth of our product portfolio and the effectiveness of our single platform strategy. This was reinforced by the positive feedback we received at nSight, our annual customer conference, where we saw strong demand for our products, especially those that embed intelligence into essential business processes. Just as nCino led financial institutions to the cloud, we are uniquely positioned to lead them on the path to greater efficiency through the use of data, analytics, and AI." Financial Highlights Revenues: Total revenues for the first quarter of fiscal 2025 were $128.1 million, a 13% increase from $113.7 million in the first quarter of fiscal 2024. Subscription revenues for the first quarter were $110.4 million, up from $97.3 million one year ago, an increase of 13%. Income (Loss) from Operations: GAAP loss from operations in the first quarter of fiscal 2025 was $(3.7) million compared to $(8.6) million in the same quarter of fiscal 2024. Non-GAAP operating income in the first quarter of fiscal 2025 was $24.4 million compared to $10.9 million in the first quarter of fiscal 2024. Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the first quarter of fiscal 2025 was $(3.0) million compared to $(11.2) million in the first quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the first quarter of fiscal 2025 was $22.0 million compared to $8.0 million in the first quarter of fiscal 2024. Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the first quarter of fiscal 2025 was $(0.03) per basic and diluted share compared to $(0.10) per basic and diluted share in the first quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the first quarter was $0.19 per diluted share compared to $0.07 per diluted share in the first quarter of fiscal 2024. Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of April 30, 2024, was $1.069 billion, compared with $914.0 million as of April 30, 2023, an increase of 17%. RPO expected to be recognized in the next 24 months was $701.8 million, an increase of 13% from $622.6 million as of April 30, 2023. Cash: Cash, cash equivalents, and restricted cash were $134.8 million as of April 30, 2024. Recent Business Highlights Signed expansion agreement with M&T Bank for Continuous Credit Monitoring: nCino's Continuous Credit Monitoring Solution leverages Rich Data Co's explainable AI platform and is designed to bring transparency to every decision, giving financial institutions more comprehensive insights into cash flow health, credit risk, and lending opportunities at both the customer and portfolio level. Grew relationship with an over $15 billion-asset bank: An existing customer for Treasury Management expanded its commitment to nCino to include nCino's Deposit Account Opening, Small Business and Consumer Banking Solutions. Expanded with a district bank in the Farm Credit System: Expanded our partnership with one of the nation's four district banks within the Farm Credit System through 2031 to deliver on a single platform vision. Added a new logo with a specialist lender in the U.K.: A high-growth specialist lender serving the U.K. SME market selected nCino to leverage nIQ capabilities for automating processes and driving better data consistency by consolidating disparate systems onto one platform. Hosted nSight 2024: Welcomed over 1,600 attendees to a sold-out conference in Charlotte, N.C., representing hundreds of financial institutions from 12 countries. Financial Outlook nCino is providing guidance for its second quarter ending July 31, 2024, as follows: Total revenues between $130.5 million and $131.5 million. Subscription revenues between $112.5 million and $113.5 million. Non-GAAP operating income between $17.0 million and $18.5 million. Non-GAAP net income attributable to nCino per diluted share of $0.12 to $0.13. 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 $86.0 million and $89.0 million. Non-GAAP net income attributable to nCino per diluted share of $0.65 to $0.68. Conference CallnCino 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 nCinonCino (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 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 acquisitions we undertake, (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; (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, 2024   April 30, 2024 Assets       Current assets       Cash and cash equivalents $ 112,085     $ 129,481   Accounts receivable, net   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   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       Redeemable non-controlling interest   3,428       4,105   Stockholders' equity       Common stock   57       57   Additional paid-in capital   1,400,881       1,417,838   Accumulated other comprehensive income   996       872   Accumulated deficit   (352,758 )     (354,890 ) Total stockholders' equity   1,049,176       1,063,877   Total liabilities, redeemable non-controlling interest, and stockholders' equity $ 1,340,430     $ 1,423,892                   nCino, Inc.   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited)     Three Months Ended April 30,   2023   2024 Revenues       Subscription $ 97,340     $ 110,406   Professional services and other   16,332       17,681   Total revenues   113,672       128,087   Cost of revenues       Subscription   29,157       31,780   Professional services and other   17,031       19,400   Total cost of revenues   46,188       51,180   Gross profit   67,484       76,907   Gross margin %   59 %     60 % Operating expenses       Sales and marketing   29,941       28,045   Research and development   28,195       29,981   General and administrative   17,975       22,544   Total operating expenses