(State or other jurisdiction of | (Commission file number) | (I.R.S. Employer | ||||||||||||||||||
incorporation or organization) | Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
nCino, Inc. | |||||||||||
Date: June 2, 2021 | By: | /s/ David Rudow | |||||||||
David Rudow Chief Financial Officer | |||||||||||
January 31, 2021 | April 30, 2021 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 371,425 | $ | 386,515 | |||||||
Accounts receivable, net | 55,517 | 56,228 | |||||||||
Costs capitalized to obtain revenue contracts, current portion, net | 4,864 | 5,033 | |||||||||
Prepaid expenses and other current assets | 10,425 | 9,404 | |||||||||
Total current assets | 442,231 | 457,180 | |||||||||
Property and equipment, net | 29,943 | 35,058 | |||||||||
Operating lease right-of-use assets, net | — | 10,665 | |||||||||
Costs capitalized to obtain revenue contracts, noncurrent, net | 10,191 | 10,296 | |||||||||
Goodwill | 57,149 | 57,325 | |||||||||
Intangible assets, net | 23,137 | 22,352 | |||||||||
Other long-term assets | 750 | 889 | |||||||||
Total assets | $ | 563,401 | $ | 593,765 | |||||||
Liabilities, redeemable non-controlling interest, and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 1,634 | $ | 4,382 | |||||||
Accounts payable, related parties | 4,363 | 4,842 | |||||||||
Accrued commissions | 12,500 | 3,943 | |||||||||
Construction liability, current portion | — | 5,097 | |||||||||
Other accrued expenses | 7,527 | 7,557 | |||||||||
Deferred rent, current portion | 203 | — | |||||||||
Deferred revenue, current portion | 89,141 | 110,071 | |||||||||
Financing obligation, current portion | 324 | 337 | |||||||||
Operating lease liabilities, current portion | — | 2,540 | |||||||||
Total current liabilities | 115,692 | 138,769 | |||||||||
Operating lease liabilities, noncurrent | — | 9,771 | |||||||||
Deferred income taxes, noncurrent | 368 | 429 | |||||||||
Deferred rent, noncurrent | 1,486 | — | |||||||||
Deferred revenue, noncurrent | 946 | 168 | |||||||||
Financing obligation, noncurrent | 15,939 | 15,847 | |||||||||
Construction liability, noncurrent | — | 675 | |||||||||
Total liabilities | 134,431 | 165,659 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable non-controlling interest | 3,791 | 3,065 | |||||||||
Stockholders’ equity | |||||||||||
Common stock | 47 | 48 | |||||||||
Additional paid-in capital | 585,956 | 601,034 | |||||||||
Accumulated other comprehensive income | 240 | 161 | |||||||||
Accumulated deficit | (161,064) | (176,202) | |||||||||
Total stockholders’ equity | 425,179 | 425,041 | |||||||||
Total liabilities, redeemable non-controlling interest, and stockholders’ equity | $ | 563,401 | $ | 593,765 |
Three Months Ended April 30, | |||||||||||
2020 | 2021 | ||||||||||
Revenues | |||||||||||
Subscription | $ | 34,831 | $ | 51,033 | |||||||
Professional services | 9,881 | 11,322 | |||||||||
Total revenues | 44,712 | 62,355 | |||||||||
Cost of revenues | |||||||||||
Subscription1 | 10,099 | 14,946 | |||||||||
Professional services1 | 8,767 | 11,353 | |||||||||
Total cost of revenues | 18,866 | 26,299 | |||||||||
Gross profit | 25,846 | 36,056 | |||||||||
Gross margin % | 58 | % | 58 | % | |||||||
Operating expenses | |||||||||||
Sales and marketing1 | 12,226 | 18,425 | |||||||||
Research and development1 | 10,965 | 17,425 | |||||||||
General and administrative1 | 6,926 | 15,680 | |||||||||
Total operating expenses | 30,117 | 51,530 | |||||||||
Loss from operations | (4,271) | (15,474) | |||||||||
Non-operating income (expense) | |||||||||||
Interest income | 156 | 57 | |||||||||
Interest expense | — | (268) | |||||||||
Other income (expense), net | (520) | 267 | |||||||||
Loss before income tax expense | (4,635) | (15,418) | |||||||||
Income tax expense | 197 | 187 | |||||||||
Net loss | (4,832) | (15,605) | |||||||||
Net loss attributable to redeemable non-controlling interest | (176) | (467) | |||||||||
Adjustment attributable to redeemable non-controlling interest | 113 | (130) | |||||||||
Net loss attributable to nCino, Inc. | $ | (4,769) | $ | (15,008) | |||||||
Net loss per share attributable to nCino, Inc.: | |||||||||||
Basic and diluted | $ | (0.06) | $ | (0.16) | |||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic and diluted | 81,560,762 | 94,402,265 |
Three Months Ended April 30, | |||||||||||
2020 | 2021 | ||||||||||
Cost of subscription revenues | $ | 61 | $ | 285 | |||||||
Cost of professional services revenues | 266 | 1,332 | |||||||||
Sales and marketing | 315 | 1,753 | |||||||||
Research and development | 309 | 1,543 | |||||||||
General and administrative | 100 | 2,151 | |||||||||
Total stock-based compensation expense | $ | 1,051 | $ | 7,064 |
Three Months Ended April 30, | |||||||||||
2020 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss attributable to nCino, Inc. | $ | (4,769) | $ | (15,008) | |||||||
Net loss and adjustment attributable to redeemable non-controlling interest | (63) | (597) | |||||||||
Net loss | (4,832) | (15,605) | |||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 1,743 | 2,095 | |||||||||
Non-cash operating lease costs | — | 589 | |||||||||
Amortization of costs capitalized to obtain revenue contracts | 1,333 | 1,312 | |||||||||
Stock-based compensation | 1,051 | 7,064 | |||||||||
Deferred income taxes | 30 | 62 | |||||||||
Provision for (recovery of) bad debt | 167 | (12) | |||||||||
Net foreign currency gains | — | (566) | |||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | (9,463) | (192) | |||||||||
Accounts receivable, related parties | 6,395 | — | |||||||||
Costs capitalized to obtain revenue contracts | (2,436) | (1,493) | |||||||||
Prepaid expenses and other assets | 238 | 1,076 | |||||||||
Accounts payable and accrued expenses and other liabilities | (4,774) | (6,029) | |||||||||
Accounts payable, related parties | 362 | 478 | |||||||||
Deferred rent | (31) | — | |||||||||
Deferred revenue | 18,630 | 19,411 | |||||||||
Deferred revenue, related parties | 16 | — | |||||||||
Operating lease liabilities | — | (632) | |||||||||
Net cash provided by operating activities | 8,429 | 7,558 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | (1,075) | (522) | |||||||||
Net cash used in investing activities | (1,075) | (522) | |||||||||
Cash flows from financing activities | |||||||||||
Payments of deferred costs | (233) | — | |||||||||
Exercise of stock options | 122 | 7,885 | |||||||||
Principal payments on financing obligation | — | (79) | |||||||||
Net cash (used in) provided by financing activities | (111) | 7,806 | |||||||||
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | 611 | 437 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 7,854 | 15,279 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 91,184 | 371,425 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 99,038 | $ | 386,704 | |||||||
Cash, cash equivalents, and restricted cash, end of period: | |||||||||||
Cash and cash equivalents | $ | 99,038 | $ | 386,515 | |||||||
Restricted cash included in other long-term assets | — | 189 | |||||||||
Total cash, cash equivalents, and restricted cash, end of period | $ | 99,038 | $ | 386,704 |
Three Months Ended April 30, | |||||||||||
2020 | 2021 | ||||||||||
GAAP total revenues | $ | 44,712 | $ | 62,355 | |||||||
GAAP cost of subscription revenues | $ | 10,099 | $ | 14,946 | |||||||
Amortization expense - developed technology | (369) | (396) | |||||||||
Stock-based compensation | (61) | (285) | |||||||||
Non-GAAP cost of subscription revenues | $ | 9,669 | $ | 14,265 | |||||||
GAAP cost of professional services revenues | $ | 8,767 | $ | 11,353 | |||||||
Stock-based compensation | (266) | (1,332) | |||||||||
Non-GAAP cost of professional services revenues | $ | 8,501 | $ | 10,021 | |||||||
GAAP gross profit | $ | 25,846 | $ | 36,056 | |||||||
Amortization expense - developed technology | 369 | 396 | |||||||||
Stock-based compensation | 327 | 1,617 | |||||||||
Non-GAAP gross profit | $ | 26,542 | $ | 38,069 | |||||||
Non-GAAP gross margin % | 59 | % | 61 | % | |||||||
GAAP sales & marketing expense | $ | 12,226 | $ | 18,425 | |||||||
Amortization expense - customer relationships | (417) | (418) | |||||||||
Stock-based compensation | (315) | (1,753) | |||||||||
Non-GAAP sales & marketing expense | $ | 11,494 | $ | 16,254 | |||||||
GAAP research & development expense | $ | 10,965 | $ | 17,425 | |||||||
Stock-based compensation | (309) | (1,543) | |||||||||
Non-GAAP research & development expense | $ | 10,656 | $ | 15,882 | |||||||
GAAP general & administrative expense | $ | 6,926 | $ | 15,680 | |||||||
Amortization expense - trademarks | (10) | — | |||||||||
Stock-based compensation | (100) | (2,151) | |||||||||
Antitrust related fees and expenses | — | (3,263) | |||||||||
Non-GAAP general & administrative expense | $ | 6,816 | $ | 10,266 | |||||||
GAAP loss from operations | $ | (4,271) | $ | (15,474) | |||||||
Amortization expense - developed technology | 369 | 396 | |||||||||
Amortization expense - customer relationships | 417 | 418 | |||||||||
Amortization expense - trademarks | 10 | — | |||||||||
Stock-based compensation | 1,051 | 7,064 | |||||||||
Antitrust related fees and expenses | — | 3,263 | |||||||||
Non-GAAP operating loss | $ | (2,424) | $ | (4,333) | |||||||
Non-GAAP operating margin | (5) | % | (7) | % | |||||||
GAAP net loss attributable to nCino | $ | (4,769) | $ | (15,008) | |||||||
Amortization expense - developed technology | 369 | 396 | |||||||||
Amortization expense - customer relationships | 417 | 418 | |||||||||
Amortization expense - trademarks | 10 | — | |||||||||
Stock-based compensation | 1,051 | 7,064 | |||||||||
Antitrust related fees and expenses | — | 3,263 | |||||||||
Non-GAAP net loss attributable to nCino | $ | (2,922) | $ | (3,867) | |||||||
Three Months Ended April 30, | |||||||||||
2020 | 2021 | ||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 81,560,762 | 94,402,265 | |||||||||
GAAP net loss attributable to nCino per share | $ | (0.06) | $ | (0.16) | |||||||
Non-GAAP net loss attributable to nCino per share | $ | (0.04) | $ | (0.04) | |||||||
Free cash flow | |||||||||||
Net cash provided by operating activities | $ | 8,429 | $ | 7,558 | |||||||
Purchases of property and equipment | (1,075) | (522) | |||||||||
Free cash flow | $ | 7,354 | $ | 7,036 | |||||||
Principal payments on financing obligation1 | — | (79) | |||||||||
Free cash flow less principal payments on financing obligation | $ | 7,354 | $ | 6,957 |
N$8*_"6*_
MD9+69R;"XR00#3[7/*K!:X%:4?<_DT?W'KATZ9+IYXO>L[&XUUX7C8MFFE E
M)38K6_'4XKV0"L7"/7 -.V!F@
Cover |
Jun. 02, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jun. 02, 2021 |
Entity Registrant Name | nCino, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39380 |
Entity Tax Identification Number | 46-4353148 |
Entity Address, Address Line One | 6770 Parker Farm Drive |
Entity Address, City or Town | Wilmington |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28405 |
City Area Code | 888 |
Local Phone Number | 676-2466 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0005 per share |
Trading Symbol | NCNO |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001566895 |
Amendment Flag | false |
6?TM%'*Q(
M($FR1\UPF0O[9E?D%3%[QC[N\HD?L!D+!T*V@@'E)=%!ETF)*=QY;=JG<0L%
MH5RT+6R)YXS@*QRPW$K,S4;V5(B)HHP#QYVM'W:,O B82(S%<PN"U&HB&-H-$G
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MI]:MD"=)ZYG<4S'+@1?J *HYK/Q=V;5$BS5'Z
M<1VQ:3.>XMA-SPA%&VVT-?!W<29'%+4W< OH8:YWYTFXHOFYHQX60"*!H;W8
M-SYHT2U$WFQ^NY.JT128B/T\5P;85P$[D$MA[J%ET"7 \"0>^RG:1=V"-2N?[F^NKN]
MNOEX<_EPND\BM*-76^FZRHM?
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MU80Y8-7.TIM-OG5AX??>FFA>WIHXC*],\8' 3BS8,/-%J9!>=LD11*3WJU
MXF8TG*B95_ TAPI$V>H2H7HJ)D@M*NI=V4=MD
8!&U);$K/^OL.DLM_RN(M6Y0%Y66;9;1I/Z9U9'!Y_UTC^]^1
M5I(MVSY+J>9ON+5D2Z.VF*P&74>PB'>"!PYV[DYT?[K_
MUSC8^0]02P$"% ,4 " "N@,)2E3@6"WP\ I[P, '@
M@ $ 9FER