(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging growth company |
TABLE OF CONTENTS | ||||||||
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
January 31, 2021 | July 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents (VIE: $ | $ | $ | |||||||||
Accounts receivable, less allowance for doubtful accounts of $ | |||||||||||
Costs capitalized to obtain revenue contracts, current portion, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Costs capitalized to obtain revenue contracts, noncurrent, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities, redeemable non-controlling interest, and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accounts payable, related parties | |||||||||||
Accrued commissions | |||||||||||
Construction liability, current portion | |||||||||||
Other accrued expenses | |||||||||||
Deferred rent, current portion | |||||||||||
Deferred revenue, current portion | |||||||||||
Financing obligation, current portion | |||||||||||
Operating lease liabilities, current portion | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities, noncurrent | |||||||||||
Deferred income taxes, noncurrent | |||||||||||
Deferred rent, noncurrent | |||||||||||
Deferred revenue, noncurrent | |||||||||||
Financing obligation, noncurrent | |||||||||||
Construction liability, noncurrent | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Notes 8, 12, and 13) | |||||||||||
Redeemable non-controlling interest (Note 3) | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, redeemable non-controlling interest, and stockholders’ equity | $ | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Subscription (related parties $ | $ | $ | $ | $ | |||||||||||||||||||
Professional services | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Subscription1 (related party $ | |||||||||||||||||||||||
Professional services1 | |||||||||||||||||||||||
Total cost of revenues | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Sales and marketing1 | |||||||||||||||||||||||
Research and development1 | |||||||||||||||||||||||
General and administrative1 | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Non-operating income (expense) | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | |||||||||||||||||||||
Other income (expense), net | ( | ( | |||||||||||||||||||||
Loss before income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net loss | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to redeemable non-controlling interest (Note 3) | ( | ( | ( | ( | |||||||||||||||||||
Adjustment attributable to redeemable non-controlling interest (Note 3) | ( | ( | |||||||||||||||||||||
Net loss attributable to nCino, Inc. | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share attributable to nCino, Inc.: | |||||||||||||||||||||||
Basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic and diluted |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Cost of subscription revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of professional services revenues | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Less comprehensive loss attributable to redeemable non-controlling interest: | |||||||||||||||||||||||
Net loss attributable to redeemable non-controlling interest | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation attributable to redeemable non-controlling interest | ( | ( | |||||||||||||||||||||
Comprehensive loss attributable to redeemable non-controlling interest | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss attributable to nCino, Inc. | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended July 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Voting Common Stock | Non-voting Common Stock | Additional Paid-in Capital | Other Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 30, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs in connection with initial public offering | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of voting and non-voting common stock | ( | ( | ( | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | — | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ |
Three Months Ended July 31, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Other Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, April 30, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Stock issuance upon vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance, July 31, 2021 | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended July 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Voting Common Stock | Non-voting Common Stock | Additional Paid-in Capital | Other Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, January 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs in connection with initial public offering | — | — | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of voting and non-voting common stock | ( | ( | ( | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | — | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ |
Six Months Ended July 31, 2021 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Other Comprehensive Income (Loss) | Accumulated Deficit | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance, January 31, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | |||||||||||||||||||||||||||||||||
Stock issuance upon vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | — | — | — | ( | ( | ||||||||||||||||||||||||||||||
Balance, July 31, 2021 | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended July 31, | |||||||||||
2020 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss attributable to nCino, Inc. | $ | ( | $ | ( | |||||||
Net loss and adjustment attributable to redeemable non-controlling interest | ( | ( | |||||||||
Net loss | ( | ( | |||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash operating lease costs | |||||||||||
Amortization of costs capitalized to obtain revenue contracts | |||||||||||
Stock-based compensation | |||||||||||
Deferred income taxes | |||||||||||
Provision for (recovery of) bad debt | ( | ||||||||||
Net foreign currency (gains) losses | |||||||||||
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Accounts receivable, related parties | |||||||||||
Costs capitalized to obtain revenue contracts | ( | ( | |||||||||
Prepaid expenses and other assets | ( | ||||||||||
Accounts payable and accrued expenses and other liabilities | ( | ||||||||||
Accounts payable, related parties | |||||||||||
Deferred rent | ( | ||||||||||
Deferred revenue | |||||||||||
Deferred revenue, related parties | ( | ||||||||||
Operating lease liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from initial public offering, net of underwriting discounts and commissions | |||||||||||
Payments of costs related to initial public offering | ( | ||||||||||
Exercise of stock options | |||||||||||
Principal payments on financing obligation | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | ( | ||||||||||
Net increase in cash, cash equivalents, and restricted cash | |||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
Cash, cash equivalents, and restricted cash, end of period: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash included in other long-term assets | |||||||||||
Total cash, cash equivalents, and restricted cash, end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash paid during the year for taxes, net of refunds | $ | $ | |||||||||
Cash paid during the year for interest | $ | $ | |||||||||
Supplemental disclosure of noncash investing and financing activities | |||||||||||
Purchase of property and equipment, accrued but not paid | $ | $ | |||||||||
Costs related to initial public offering, accrued but not paid | $ | $ | |||||||||
Costs related to initial public offering, reclassified from other long term assets to equity | $ | $ | |||||||||
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Charged to (recovery of) bad debt expense | ( | ||||||||||||||||||||||
Charged to (recovery of) deferred revenue | ( | ||||||||||||||||||||||
Translation adjustments | |||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||
Adjustment to redeemable non-controlling interest | ( | ( | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
Fair value measurements on a recurring basis as of January 31, 2021 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Money market accounts (included in cash and cash equivalents) | $ | $ | $ | ||||||||||||||
Total assets | $ | $ | $ |
Fair value measurements on a recurring basis as of July 31, 2021 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets: | |||||||||||||||||
Money market accounts (included in cash and cash equivalents) | $ | $ | $ | ||||||||||||||
Time deposits (included in other long-term assets) | |||||||||||||||||
Total assets | $ | $ | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
International | |||||||||||||||||||||||
$ | $ | $ | $ |
As of January 31, 2021 | As of July 31, 2021 | ||||||||||
Trade accounts receivable | $ | $ | |||||||||
Unbilled accounts receivable | |||||||||||
Allowance for doubtful accounts | ( | ( | |||||||||
Other accounts receivable | |||||||||||
Total accounts receivable, net | $ | $ |
As of January 31, 2021 | As of July 31, 2021 | ||||||||||
Furniture and fixtures | $ | $ | |||||||||
Computers and equipment | |||||||||||
Buildings and land | |||||||||||
Leasehold improvements | |||||||||||
Construction in progress | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
$ | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Cost of revenues | $ | $ | $ | $ | |||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total depreciation expense | $ | $ | $ | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Translation adjustments | ( | ( | |||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ |
As of January 31, 2021 | As of July 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Net Carrying Amount | Gross Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
Acquired developed technology | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Customer relationships | ( | ( | |||||||||||||||||||||||||||||||||
Trademarks | ( | ( | |||||||||||||||||||||||||||||||||
$ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Cost of subscription revenues | $ | $ | $ | $ | |||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total amortization expense | $ | $ | $ | $ |
Fiscal Year Ending January 31, | |||||
2022 (remaining) | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
$ |
Issued and outstanding stock options | |||||
Nonvested issued and outstanding restricted stock units ("RSUs") | |||||
Possible issuance under stock plans | |||||
Number of Shares | Weighted Average Exercise Price | ||||||||||
Outstanding, January 31, 2021 | $ | ||||||||||
Granted | |||||||||||
Expired or forfeited | ( | ||||||||||
Exercised | ( | ||||||||||
Outstanding, July 31, 2021 | $ | ||||||||||
Exercisable, July 31, 2021 | $ | ||||||||||
Fully vested or expected to vest, July 31, 2021 | $ |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
Nonvested, January 31, 2021 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Nonvested, July 31, 2021 | $ |
Six Months Ended July 31, | |||||
2021 | |||||
Expected life (in years) | |||||
Expected volatility | |||||
Expected dividends | |||||
Risk-free interest rate |
Three Months Ended July 31, 2021 | Six Months Ended July 31, 2021 | ||||||||||
Operating lease expense | $ | $ | |||||||||
Short-term lease expense | |||||||||||
Variable lease expense | |||||||||||
Total | $ | $ |
Cash paid for amounts included in the measurement of operating lease liabilities | $ | ||||
Right-of-use assets obtained in exchange for operating lease liabilities |
Fiscal Year Ending January 31, | Operating Leases | ||||
2022 (remaining) | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total lease liabilities | |||||
Less: imputed interest | ( | ||||
Total lease obligations | |||||
Less: current obligations | ( | ||||
Long-term lease obligations | $ |
Fiscal Year Ending January 31, | Operating Leases | ||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total lease liabilities | $ |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Basic and diluted loss per share: | |||||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net loss attributable to nCino, Inc. | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted-average common shares outstanding | |||||||||||||||||||||||
Basic and diluted loss per share attributable to nCino, Inc. | $ | ( | $ | ( | $ | ( | $ | ( |
Six Months Ended July 31, | |||||||||||
2020 | 2021 | ||||||||||
Stock options issued and outstanding | |||||||||||
Nonvested RSUs issued and outstanding | |||||||||||
Shares issuable pursuant to the ESPP |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
($ in thousands, except share and per share amounts) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Subscription revenues | $ | 39,351 | $ | 53,934 | $ | 74,182 | $ | 104,967 | |||||||||||||||
Professional services revenues | 9,414 | 12,585 | 19,295 | 23,907 | |||||||||||||||||||
Total revenues | 48,765 | 66,519 | 93,477 | 128,874 | |||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Cost of subscription revenues1 | 11,920 | 15,308 | 22,019 | 30,254 | |||||||||||||||||||
Cost of professional services revenues1 | 10,667 | 11,267 | 19,434 | 22,620 | |||||||||||||||||||
Total cost of revenues | 22,587 | 26,575 | 41,453 | 52,874 | |||||||||||||||||||
Gross profit | 26,178 | 39,944 | 52,024 | 76,000 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing1 | 15,626 | 19,216 | 27,852 | 37,641 | |||||||||||||||||||
Research and development1 | 15,292 | 18,609 | 26,257 | 36,034 | |||||||||||||||||||
General and administrative1 | 10,953 | 15,287 | 17,879 | 30,967 | |||||||||||||||||||
Total operating expenses | 41,871 | 53,112 | 71,988 | 104,642 | |||||||||||||||||||
Loss from operations | (15,693) | (13,168) | (19,964) | (28,642) | |||||||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||
Interest income | 55 | 59 | 211 | 116 | |||||||||||||||||||
Interest expense | — | (330) | — | (598) | |||||||||||||||||||
Other income (expense), net | 1,117 | (337) | 597 | (70) | |||||||||||||||||||
Loss before income tax expense | (14,521) | (13,776) | (19,156) | (29,194) | |||||||||||||||||||
Income tax expense | 203 | 487 | 400 | 674 | |||||||||||||||||||
Net loss | (14,724) | (14,263) | (19,556) | (29,868) | |||||||||||||||||||
Net loss attributable to non-controlling interest | (232) | (403) | (408) | (870) | |||||||||||||||||||
Adjustment attributable to non-controlling interest | 154 | (177) | 267 | (307) | |||||||||||||||||||
Net loss attributable to nCino, Inc. | $ | (14,646) | $ | (13,683) | $ | (19,415) | $ | (28,691) | |||||||||||||||
Net loss per share attributable to nCino, Inc.: | |||||||||||||||||||||||
Basic and diluted | $ | (0.17) | $ | (0.14) | $ | (0.23) | $ | (0.30) | |||||||||||||||
Weighted average number of common shares outstanding: | |||||||||||||||||||||||
Basic and diluted | 84,629,777 | 95,661,756 | 83,112,132 | 95,042,448 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
($ in thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||
Cost of subscription revenues | $ | 242 | $ | 257 | $ | 303 | $ | 542 | |||||||||||||||
Cost of professional services revenues | 2,282 | 1,340 | 2,548 | 2,672 | |||||||||||||||||||
Sales and marketing | 3,346 | 1,977 | 3,661 | 3,730 | |||||||||||||||||||
Research and development | 3,031 | 1,686 | 3,340 | 3,229 | |||||||||||||||||||
General and administrative | 4,368 | 2,380 | 4,468 | 4,531 | |||||||||||||||||||
Total stock-based compensation expense | $ | 13,269 | $ | 7,640 | $ | 14,320 | $ | 14,704 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
($ in thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||
Cost of subscription revenues | $ | 378 | $ | 393 | $ | 747 | $ | 789 | |||||||||||||||
Sales and marketing | 418 | 417 | 835 | 835 | |||||||||||||||||||
General and administrative | — | — | 10 | — | |||||||||||||||||||
Total amortization expense | $ | 796 | $ | 810 | $ | 1,592 | $ | 1,624 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2020 | 2021 | 2020 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Subscription revenues | 80.7 | % | 81.1 | % | 79.4 | % | 81.4 | % | |||||||||||||||
Professional services revenues | 19.3 | 18.9 | 20.6 | 18.6 | |||||||||||||||||||
Total revenues | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Cost of revenues (percentage shown in comparison to related revenues): | |||||||||||||||||||||||
Cost of subscription revenues | 30.3 | 28.4 | 29.7 | 28.8 | |||||||||||||||||||
Cost of professional services revenues | 113.3 | 89.5 | 100.7 | 94.6 | |||||||||||||||||||
Total cost of revenues | 46.3 | 40.0 | 44.3 | 41.0 | |||||||||||||||||||
Gross profit | 53.7 | 60.0 | 55.7 | 59.0 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing | 32.0 | 28.9 | 29.8 | 29.2 | |||||||||||||||||||
Research and development | 31.4 | 28.0 | 28.1 | 28.0 | |||||||||||||||||||
General and administrative | 22.5 | 23.0 | 19.1 | 24.0 | |||||||||||||||||||
Total operating expenses | 85.9 | 79.9 | 77.0 | 81.2 | |||||||||||||||||||
Loss from operations | (32.2) | (19.9) | (21.3) | (22.2) | |||||||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||
Interest income | 0.1 | 0.1 | 0.2 | 0.1 | |||||||||||||||||||
Interest expense | 0.0 | (0.5) | 0.0 | (0.5) | |||||||||||||||||||
Other income (expense), net | 2.3 | (0.5) | 0.6 | (0.1) | |||||||||||||||||||
Loss before income tax expense | (29.8) | (20.8) | (20.5) | (22.7) | |||||||||||||||||||
Income tax expense | 0.4 | 0.7 | 0.4 | 0.5 | |||||||||||||||||||
Net loss | (30.2) | % | (21.5) | % | (20.9) | % | (23.2) | % |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Subscription revenues | $ | 39,351 | 80.7 | % | $ | 53,934 | 81.1 | % | $ | 74,182 | 79.4 | % | $ | 104,967 | 81.4 | % | |||||||||||||||||||||||||||||||
Professional services revenues | 9,414 | 19.3 | 12,585 | 18.9 | 19,295 | 20.6 | 23,907 | 18.6 | |||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 48,765 | 100.0 | % | $ | 66,519 | 100.0 | % | $ | 93,477 | 100.0 | % | $ | 128,874 | 100.0 | % |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Cost of revenues (percentage shown in comparison to related revenues): | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of subscription revenues | $ | 11,920 | 30.3 | % | $ | 15,308 | 28.4 | % | $ | 22,019 | 29.7 | % | $ | 30,254 | 28.8 | % | |||||||||||||||||||||||||||||||
Cost of professional services revenues | 10,667 | 113.3 | 11,267 | 89.5 | 19,434 | 100.7 | 22,620 | 94.6 | |||||||||||||||||||||||||||||||||||||||
Total cost of revenues | $ | 22,587 | 46.3 | $ | 26,575 | 40.0 | $ | 41,453 | 44.3 | $ | 52,874 | 41.0 | |||||||||||||||||||||||||||||||||||
Gross profit | $ | 26,178 | 53.7 | % | $ | 39,944 | 60.0 | % | $ | 52,024 | 55.7 | % | $ | 76,000 | 59.0 | % |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | $ | 15,626 | 32.0 | % | $ | 19,216 | 28.9 | % | $ | 27,852 | 29.8 | % | $ | 37,641 | 29.2 | % | |||||||||||||||||||||||||||||||
Research and development | 15,292 | 31.4 | 18,609 | 28.0 | 26,257 | 28.1 | 36,034 | 28.0 | |||||||||||||||||||||||||||||||||||||||
General and administrative | 10,953 | 22.5 | 15,287 | 23.0 | 17,879 | 19.1 | 30,967 | 24.0 | |||||||||||||||||||||||||||||||||||||||
Total operating expenses | 41,871 | 85.9 | 53,112 | 79.9 | 71,988 | 77.0 | 104,642 | 81.2 | |||||||||||||||||||||||||||||||||||||||
Loss from operations | $ | (15,693) | (32.2) | % | $ | (13,168) | (19.9) | % | $ | (19,964) | (21.3) | % | $ | (28,642) | (22.2) | % |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
($ in thousands) | 2020 | 2021 | 2020 | 2021 | |||||||||||||||||||
GAAP loss from operations | $ | (15,693) | $ | (13,168) | $ | (19,964) | $ | (28,642) | |||||||||||||||
Adjustments | |||||||||||||||||||||||
Amortization of intangible assets | 796 | 810 | 1,592 | 1,624 | |||||||||||||||||||
Stock-based compensation expense | 13,269 | 7,640 | 14,320 | 14,704 | |||||||||||||||||||
Fees and expenses related to the Antitrust Matters | — | 2,884 | — | 6,147 | |||||||||||||||||||
Total adjustments | 14,065 | 11,334 | 15,912 | 22,475 | |||||||||||||||||||
Non-GAAP operating loss | $ | (1,628) | $ | (1,834) | $ | (4,052) | $ | (6,167) |
Six Months Ended July 31, | |||||||||||
($ in thousands) | 2020 | 2021 | |||||||||
Net cash provided by operating activities | $ | 31,906 | $ | 20,899 | |||||||
Net cash used in investing activities | (2,936) | (1,272) | |||||||||
Net cash provided by financing activities | 267,891 | 9,105 |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Description of Exhibit | Form | File No. | Exhibit | Filing Date | Filed Herewith | ||||||||||||||
3.1 | S-1/A | 333-239335 | 3.1 | July 6, 2020 | ||||||||||||||||
3.2 | S-1/A | 333-239335 | 3.2 | July 6, 2020 | ||||||||||||||||
31.1 | X | |||||||||||||||||||
31.2 | X | |||||||||||||||||||
32.1* | X | |||||||||||||||||||
32.2* | X | |||||||||||||||||||
101.INS | XBRL Instance Document | X | ||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | X | ||||||||||||||||||
* | The certifications furnished in Exhibit 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed "filed" for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates by reference. |
nCino, Inc. | |||||||||||
Date: September 1, 2021 | By: | /s/ Pierre Naudé | |||||||||
Pierre Naudé President and Chief Executive Officer; Director (Principal Executive Officer) | |||||||||||
Date: September 1, 2021 | By: | /s/ David Rudow | |||||||||
David Rudow Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||||||
Date: September 1, 2021 | By: | /s/ Pierre Naudé | |||||||||
Pierre Naudé | |||||||||||
President and Chief Executive Officer |
Date: September 1, 2021 | By: | /s/ David Rudow | |||||||||
David Rudow | |||||||||||
Chief Financial Officer |
Date: September 1, 2021 | By: | /s/ Pierre Naudé | |||||||||
Pierre Naudé | |||||||||||
President and Chief Executive Officer |
Date: September 1, 2021 | By: | /s/ David Rudow | |||||||||
David Rudow | |||||||||||
Chief Financial Officer |
Condensed Consolidated Balance Sheets - (Parenthetical) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Cash and cash equivalents (VIE: $7,425 and $5,478 at January 31, 2021 and July 31, 2021, respectively) | $ 399,363 | $ 371,425 |
Accounts receivable, less allowance for doubtful accounts of $88 and $59 at January 31, 2021 and July 31, 2021, respectively | $ 59 | $ 88 |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 95,927,741 | 93,643,759 |
Common stock, shares outstanding | 95,927,741 | 93,643,759 |
Variable Interest Entity, Primary Beneficiary | ||
Cash and cash equivalents (VIE: $7,425 and $5,478 at January 31, 2021 and July 31, 2021, respectively) | $ 5,478 | $ 7,425 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
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Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ 66,519 | $ 48,765 | $ 128,874 | $ 93,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenues | 26,575 | 22,587 | 52,874 | 41,453 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 39,944 | 26,178 | 76,000 | 52,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | [1] | 19,216 | 15,626 | 37,641 | 27,852 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and development | [1] | 18,609 | 15,292 | 36,034 | 26,257 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | [1] | 15,287 | 10,953 | 30,967 | 17,879 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 53,112 | 41,871 | 104,642 | 71,988 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from operations | (13,168) | (15,693) | (28,642) | (19,964) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-operating income (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 59 | 55 | 116 | 211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | (330) | 0 | (598) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | (337) | 1,117 | (70) | 597 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before income tax expense | (13,776) | (14,521) | (29,194) | (19,156) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 487 | 203 | 674 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (14,263) | (14,724) | (29,868) | (19,556) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable non-controlling interest (Note 3) | (403) | (232) | (870) | (408) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment attributable to redeemable non-controlling interest (Note 3) | (177) | 154 | (307) | 267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to nCino, Inc. | $ (13,683) | $ (14,646) | $ (28,691) | $ (19,415) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss per share attributable to nCino, Inc.: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic (in USD per share) | $ (0.14) | $ (0.17) | $ (0.30) | $ (0.23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted (in USD per share) | $ (0.14) | $ (0.17) | $ (0.30) | $ (0.23) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic (in shares) | 95,661,756 | 84,629,777 | 95,042,448 | 83,112,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted (in shares) | 95,661,756 | 84,629,777 | 95,042,448 | 83,112,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
License and Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ 53,934 | $ 39,351 | $ 104,967 | $ 74,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenues | [1] | 15,308 | 11,920 | 30,254 | 22,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional Services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 12,585 | 9,414 | 23,907 | 19,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total cost of revenues | [1] | $ 11,267 | $ 10,667 | $ 22,620 | $ 19,434 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Consolidated Statements of Operations - (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
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Total stock-based compensation expense | $ 7,640 | $ 13,269 | $ 14,704 | $ 14,320 |
Sales and marketing | ||||
Total stock-based compensation expense | 1,977 | 3,346 | 3,730 | 3,661 |
Research and development | ||||
Total stock-based compensation expense | 1,686 | 3,031 | 3,229 | 3,340 |
General and administrative | ||||
Total stock-based compensation expense | 2,380 | 4,368 | 4,531 | 4,468 |
License and Service | ||||
Revenue from related parties | 0 | 0 | 0 | 2,439 |
Related party costs | 11,151 | 8,700 | 21,720 | 16,210 |
License and Service | Cost of subscription revenues | ||||
Total stock-based compensation expense | 257 | 242 | 542 | 303 |
Professional Services | Cost of subscription revenues | ||||
Total stock-based compensation expense | $ 1,340 | $ 2,282 | $ 2,672 | $ 2,548 |
Condensed Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (14,263) | $ (14,724) | $ (29,868) | $ (19,556) |
Other comprehensive income (loss): | ||||
Foreign currency translation | (442) | 467 | (650) | 779 |
Other comprehensive income (loss) | (442) | 467 | (650) | 779 |
Comprehensive loss | (14,705) | (14,257) | (30,518) | (18,777) |
Less comprehensive loss attributable to redeemable non-controlling interest: | ||||
Net loss attributable to redeemable non-controlling interest | (403) | (232) | (870) | (408) |
Foreign currency translation attributable to redeemable non-controlling interest | (22) | 78 | (151) | 169 |
Comprehensive loss attributable to redeemable non-controlling interest | (425) | (154) | (1,021) | (239) |
Comprehensive loss attributable to nCino, Inc. | $ (14,280) | $ (14,103) | $ (29,497) | $ (18,538) |
Organization and Description of Business |
6 Months Ended |
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Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Description of Business: nCino, Inc. is a software-as-a-service ("SaaS") company that provides software applications to financial institutions to streamline employee and client interactions. The Company is headquartered in Wilmington, North Carolina and has offices in Salt Lake City, Utah; London, United Kingdom; Sydney, Australia; Melbourne, Australia; Toronto, Canada; and Tokyo, Japan. Fiscal Year End: The Company’s fiscal year ends on January 31.
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ("ASC") and applicable rules and regulations of the Securities Exchange Commission ("SEC") regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021 filed with the SEC on March 31, 2021. The unaudited condensed consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries, as well as a variable interest entity in which the Company is the primary beneficiary. All intercompany accounts and transactions are eliminated. See the variable interest entity section below and Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest entity. The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal 2022 or any future period. In March 2021, a Certificate of Amendment was filed with the state of Delaware for Visible Equity, LLC ("Visible Equity"), a wholly-owned subsidiary of the Company, to change its name to nCino Portfolio Analytics, LLC. The state of Delaware effected the name change in April 2021. Effective February 1, 2021, the Company adopted the requirement of Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) using the alternative transition method. Under this method, the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. See the Recently Adopted Accounting Guidance section for the adoption of ASU 2016-02, Leases (Topic 842). Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity ("VIE"). nCino K.K. is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity investment, the Company has not provided financial or other support to nCino K.K. that it was not contractually obligated to provide. The assets of the VIE can only be used to settle the obligations of the VIE and the creditors of the VIE do not have recourse to the Company. The assets and liabilities of the VIE were not significant to the Company’s consolidated financial statements except for cash which is reflected on the unaudited condensed consolidated balance sheets. See Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest. Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either at the option of the (i) minority investors or (ii) the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the unaudited condensed consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.” Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, stand-alone selling price, and other revenue items requiring significant judgement; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; fair value of contingent consideration; the useful lives of intangible assets; the valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates. Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2021 and July 31, 2021. The Company maintains its cash, cash equivalents and restricted cash with high-credit-quality financial institutions. As of January 31, 2021 and July 31, 2021, no individual customer represented more than 10% of accounts receivable and two customers represented 24% and 12%, respectively. For the three and six months ended July 31, 2020 and 2021, no individual customer represented more than 10% of the Company’s total revenues. Restricted Cash: Restricted cash consists of deposits held as collateral for the Company's bank guarantees issued in place of security deposits for certain property leases. Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. We recognize a contract asset in the form of accounts receivable when we have an unconditional right to payment, and we record a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for professional services performed but not yet billed and (ii) revenues recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. Accounts receivable are reported at their gross outstanding balance reduced by an allowance for estimated receivable losses, which includes allowances for doubtful accounts and a reserve for expected credit losses. The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable, current market and economic conditions, and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. See the Recently Adopted Accounting Guidance section for the adoption of ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments. A summary of activity in the allowance for doubtful accounts is as follows:
Leases: The Company determines if an arrangement is or contains a lease at inception date based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company accounts for lease and non-lease components as a single lease component for its facilities and equipment leases. The Company did not have any finance leases as of July 31, 2021. Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease term reflects the noncancelable period of the lease together with options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Variable costs, such as common area maintenance costs, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. The Company's leases do not generally provide an implicit rate; therefore, the Company uses its incremental borrowing rate in determining the present value of the lease payments. Lease expense is recognized on a straight-line basis over the lease term. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term. Recently Adopted Accounting Guidance: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard will affect all entities that lease assets and will require lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of less than one year) as of the date on which the lessor makes the underlying asset available to the lessee. For lessors, accounting for leases is substantially the same as in prior periods. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The Company used the alternative transition method in which the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. The Company elected the package of practical expedients which permits the Company to not reassess prior conclusions pertaining to lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements. In addition, the Company elected ongoing practical expedients including the option to not recognize right-of-use assets and lease liabilities for short term leases (leases with an original term of twelve months or less). The Company also elected the practical expedient to not separate lease and non-lease components for our facilities and equipment leases. The adoption of this ASU resulted in the recognition of operating right-of-use assets of $10.5 million and lease liabilities of $12.2 million, and the derecognition of deferred rent on the Company's unaudited condensed consolidated balance sheet on February 1, 2021. The adoption of this ASU did not impact the Company's unaudited condensed consolidated statements of operations, comprehensive loss or the unaudited condensed consolidated statements of cash flows. Upon the adoption of this ASU there was no change to the accounting for the Company's financing obligation. In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU, which impacted the Company's allowance for doubtful accounts, did not have a material impact on the Company's unaudited condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The guidance includes amendments to improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to the financial statements is codified in the disclosure section of the codification and to clarify guidance so that entities can apply guidance more consistently on codifications that are varied in nature where the original guidance may have been unclear. ASU 2020-10 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
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Variable Interest Entity and Redeemable Non-Controlling Interest |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity and Redeemable Non-Controlling Interest | Variable Interest Entity and Redeemable Non-Controlling Interest In October 2019, the Company entered into an agreement with Japan Cloud Computing, L.P. and M30 LLC (collectively, the “Investors”) to engage in the investment, organization, management, and operation of nCino K.K. that is focused on the distribution of the Company’s products in Japan. In October 2019, the Company initially contributed $4.7 million in cash in exchange for 51% of the outstanding common stock of nCino K.K. As of July 31, 2021, the Company controls a majority of the outstanding common stock in nCino K.K. All of the common stock held by the Investors is callable by the Company or puttable by the Investors at the option of the Investors or at the option of the Company beginning on the eighth anniversary of the agreement with the Investors. Should the call or put option be exercised, the redemption value would be determined based on a prescribed formula derived from the discrete revenues of nCino K.K. and the Company and may be settled, at the Company’s discretion, with Company stock or cash or a combination of the foregoing. As a result of the put right available to the Investors, the redeemable non-controlling interests in nCino K.K. are classified outside of permanent equity in the Company’s unaudited condensed consolidated balance sheets. The estimated redemption value of the call/put option embedded in the redeemable non-controlling interest was $0.1 million at July 31, 2021. The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below:
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2. Significant other inputs that are directly or indirectly observable in the marketplace. Level 3. Significant unobservable inputs which are supported by little or no market activity. The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of January 31, 2021 and July 31, 2021 because of the relatively short duration of these instruments. The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2021 and July 31, 2021 and indicates the fair value hierarchy of the valuation:
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues Revenues by Geographic Area Revenues by geographic region were as follows:
The Company disaggregates its revenues from contracts with customers by geographic location. Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. No country outside the United States represented 10% or more of total revenues. Contract Amounts Accounts Receivable Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2021 and July 31, 2021:
Deferred Revenue and Remaining Performance Obligation Significant movements in the deferred revenue balance during the period consisted of increases due to payments received or due in advance prior to the transfer of control of the underlying performance obligations to the customer, which were offset by decreases due to revenues recognized in the period. During the six months ended July 31, 2021, $64.2 million of revenues were recognized out of the deferred revenue balance as of January 31, 2021. Transaction price allocated to remaining performance obligations represents contracted revenues that have not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenues in future periods. Transaction price allocated to the remaining performance obligation is influenced by several factors, including the timing of renewals, average contract terms, and foreign currency exchange rates. The Company applies practical expedients to exclude amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights, and any estimated amounts of variable consideration that are subject to constraint. Remaining performance obligations were $706.9 million as of July 31, 2021. The Company expects to recognize approximately 57% of its remaining performance obligation as revenues in the next 24 months, approximately 33% more in the following 25 to 48 months, and the remainder thereafter.
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Property and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and Equipment Property and equipment, net consisted of the following:
The Company recognized depreciation expense as follows:
The increase in construction in progress is primarily due to construction for a parking deck and an additional office building that is on the property of our existing headquarters for which we are considered the owners of for accounting purposes. See Note 12 "Commitments and Contingencies" for additional details including future commitments.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The change in the carrying amounts of goodwill was as follows:
Intangible assets Intangible assets, net are as follows:
The Company recognized amortization expense as follows:
The expected future amortization expense for intangible assets as of July 31, 2021 is as follows:
The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, future changes to expected asset lives of intangible assets, and other events.
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Reseller Agreement |
6 Months Ended |
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Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Reseller Agreement | Reseller AgreementThe Company has a reseller agreement in place with a related party to utilize their platform and to develop the Company’s cloud-based banking software as an application within the related party’s hosted environment. In June 2020, this agreement was renegotiated and expires in June 2027 and will automatically renew in annual increments thereafter unless either party gives notice of non-renewal before the end of the initial term or the respective renewal term. Cost of subscription revenues in each of the three and six months ended July 31, 2020 and 2021 substantially consists of fees paid for access to the related party’s platform, including their hosting infrastructure and data center operations. The Company has recorded expenses of $8.7 million and $11.2 million for the three months ended July 31, 2020 and 2021, respectively, and $16.2 million and $21.7 million for the six months ended July 31, 2020 and 2021, respectively. See also Note 13 "Related-Party Transactions." |
Stockholders’ Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||
Stockholders’ Equity | Stockholders’ Equity At July 31, 2021, the Company committed a total of 25,901,959 shares of common stock for future issuance as follows:
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Stock Options Stock option activity for the six months ended July 31, 2021 was as follows:
As of July 31, 2021, there was $2.2 million of total unrecognized compensation expense related to unvested stock-based compensation arrangements under the 2014 Stock Plan ("2014 Plan") and 2019 Equity Incentive Plan (as amended and restated, "2019 Plan"). That cost is expected to be recognized over a weighted average period of 1.51 years. Restricted Stock Units RSU activity during the six months ended July 31, 2021 was as follows:
As of July 31, 2021, total unrecognized compensation expense related to non-vested RSUs was $65.4 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 3.37 years. Employee Stock Purchase Plan The first offering period for the Employee Stock Purchase Plan ("ESPP") began on July 1, 2021 and will end on December 31, 2021. Thereafter, offering periods will begin on January 1 and July 1. The fair value of ESPP shares is estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards: Expected life. The expected life reflects the period for which the Company believes the ESPP will remain outstanding. The expected term for the ESPP award approximates the offering period of six months. Expected volatility. The expected volatility is based on the historical volatility of the Company's common stock. Expected dividends. The expected dividend yield is zero as the Company has not and does not expect to pay dividends. Risk-free interest rate. The risk-free interest rate reflects the U.S. Treasury yield for a similar expected life instrument in effect at the time of the grant of the ESPP share. The assumptions utilized for the ESPP shares for the six months ended July 31, 2021 were as follows:
As of July 31, 2021, total unrecognized compensation expense related to the ESPP was $0.7 million. That cost is expected to be recognized over the remaining term of the initial offering period.
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Leases |
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Leases | Leases Operating Leases The Company leases its facilities and a portion of its equipment under various non-cancellable agreements, which expire at various times through July 2028, some of which include options to extend the leases for up to five years. The components of lease expense for the three and six months ended July 31, 2021 were as follows:
Supplemental cash flow information for the six months ended July 31, 2021 related to operating leases was as follows:
The weighted-average remaining lease term and weighted-average discount rate for the Company's operating lease liabilities as of July 31, 2021 were 5.11 years and 4.4%, respectively. Future minimum lease payments as of July 31, 2021 were as follows:
Future minimum lease payments as of January 31, 2021, prior to our adoption of the new lease ASU, were as follows:
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Commitment and Contingencies |
6 Months Ended |
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Jul. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In addition to the operating lease commitments described in Note 11 "Leases", the Company has additional contractual commitments as described further below. Purchase Commitments The Company’s purchase commitments consist of non-cancellable agreements to purchase goods and services, primarily licenses, entered into in the ordinary course of business. In May 2021, the Company entered into an agreement for approximately $2.6 million for renovations to our existing headquarters building that is anticipated to be completed in fiscal 2023. Financing Obligation and Construction Liabilities The Company entered into a new lease agreement for our headquarters in November 2020 with a new lessor. The lease goes through 2035 with options to renew. Due to a purchase option contained in the lease, the Company is deemed to have continuing involvement and is considered to be the owner of our headquarters for accounting purposes. As a result, the Company did not meet the criteria to apply sale-leaseback accounting and therefore, recorded an asset and corresponding financing obligation for $16.3 million at inception of the lease. Upon expiration of the purchase option in the lease, the lease will be analyzed for applicable lease accounting. The fair value of the leased property and corresponding financing obligation are included in property and equipment, net and financing obligation on the unaudited condensed consolidated balance sheets, respectively. In January 2021, the Company entered into an agreement for a parking deck which is an addition to the existing headquarters building. Due to the Company also being deemed to be the owner of the parking deck for accounting purposes, the costs associated with the construction of the parking deck will be capitalized as construction in progress with a corresponding construction liability through construction which is estimated to be approximately $18.0 million. Upon completion of the parking deck, the construction liability will be recorded as a financing obligation. Upon expiration of the purchase option in the lease, the lease will be analyzed for applicable lease accounting. The costs of the construction in progress and corresponding construction liability are included in property and equipment, net and construction liability, current on the unaudited condensed consolidated balance sheets, respectively. In April 2021, the Company entered into a new lease agreement for the construction of an additional office building that is on the property of our existing headquarters. Due to the Company also being deemed to be the owner of the additional building for accounting purposes, the costs associated with the construction of the building will be capitalized as construction in progress with a corresponding construction liability through construction which is estimated to be approximately $24.0 million. Upon completion of the building, the construction liability will be recorded as a financing obligation. Upon expiration of the purchase option in the lease, the lease will be analyzed for applicable lease accounting. The costs of the construction in progress and corresponding construction liability are included in property and equipment, net and construction liability, noncurrent on the unaudited condensed consolidated balance sheets, respectively. Indemnification In the ordinary course of business, the Company generally includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any material liabilities related to such obligations in the accompanying unaudited condensed consolidated financial statements. Legal Proceedings From time to time, the Company may become involved in legal proceedings or be subject to claims including the following: On February 23, 2021, the Company and certain of its officers and other employees were served with grand jury subpoenas wherein the Antitrust Division of the Department of Justice is seeking documents and information in connection with an investigation of the Company’s hiring and wage practices under U.S. federal antitrust laws. The Company has retained outside counsel and is fully cooperating with the authorities. Although there can be no assurance with respect to the outcome of this matter, the Company believes its hiring and wage practices do not violate antitrust laws. On March 12, 2021, a putative class action complaint was filed in the United States District Court for the Eastern District of North Carolina. The sole class representative in the suit is one individual alleging a contract, combination or conspiracy between and among the Company, Live Oak Bancshares, Inc. and Apiture LLC not to solicit or hire each other’s employees in violation of Section 1 of the Sherman Act and N.C. Gen Stat. §§ 75-1 and 75-2. The complaint seeks treble damages and additional remedies, including restitution, disgorgement, reasonable attorneys’ fees, the costs of the suit, and pre-judgment and post judgment interest. The complaint does not allege any specific damages. Although there can be no assurance with respect to the outcome of this matter, the Company believes the alleged claims are not meritorious and intends to defend itself vigorously. The Company does not presently believe the above matters will have a material adverse effect on its day-to-day operations or the quality of the services, products or innovation it continues to provide to its customers. However, regardless of the outcome, legal proceedings can have an adverse impact on us because of the related expenses, diversion of management resources, and other factors. Given the uncertainty and preliminary stages of these matters, we cannot reasonably estimate any possible loss or range of loss that may result. Other Commitments and Contingencies The Company may be subject to audits by tax authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. The Company accrues for any assessments if deemed probable and estimable.
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Related-Party Transactions |
6 Months Ended |
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Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company’s main vendor is also an equity holder in the Company. Total payments related to the agreement with the related party are disclosed in Note 8. The Company also purchases services from this related party to assist in managing its own sales cycle, customer relationship management, and other business functions. The Company has a non-cancellable agreement with the related party for the purchase of services. In December 2020, this agreement was renewed for one year and expires in December 2021. Total payments to the related party for these services recorded to expenses were $0.3 million and $0.4 million for the three months ended July 31, 2020 and 2021, respectively, and $0.6 million and $0.8 million for the six months ended July 31, 2020 and 2021, respectively, and $1.3 million and $0.6 million were in prepaid expenses and other current assets as of January 31, 2021 and July 31, 2021, respectively. Accounts payable to the related party were $4.4 million and $5.1 million at January 31, 2021 and July 31, 2021, respectively, included in accounts payable, related parties. In the quarter ended July 31, 2020, certain equity holders ceased to qualify as related parties of the Company and the amounts disclosed related to them are accordingly presented through April 30, 2020 only. Included in revenues from three equity holders, who are also customers of the Company, is $0.0 million for the three months ended July 31, 2020 and $2.8 million for the six months ended July 31, 2020. The Company has a banking relationship with one of its former equity holders who was considered a related party. In the quarter ended July 31, 2020, the equity holder ceased to qualify as a related party of the Company and the amounts disclosed related to such former equity holder are accordingly presented as a related party through April 30, 2020 only. Included in interest income is $0.0 million for the three months ended July 31, 2020 and $0.1 million for the six months ended July 31, 2020. The Company entered into an agreement with one of its equity holders in May 2016 to spend an agreed-upon amount of funds over a three-year period to further the alliance between the two companies. In April 2019, the agreement was extended for an additional three years. As of July 31, 2021, the Company was in compliance with the terms of the agreement. In the quarter ended July 31, 2020, the equity holder ceased to qualify as a related party of the Company and the amounts disclosed related to such equity holder are accordingly presented as a related party through April 30, 2020 only. No funds were spent under the agreement during the three and six months ended July 31, 2020.
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Basic and Diluted Loss per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Loss per Share | Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss attributable to nCino, Inc. by the weighted-average number of common shares outstanding for the fiscal period. Diluted loss per share is computed by giving effect to all potential weighted average dilutive common stock, including stock options issued and outstanding, nonvested RSUs issued and outstanding, and shares issuable pursuant to the ESPP. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. Diluted loss per share for the three months ended July 31, 2020 and 2021 and for the six months ended July 31, 2020 and 2021 is the same as the basic loss per share as there was a net loss for those periods, and inclusion of potentially issuable shares was anti-dilutive. The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data):
The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive:
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ("ASC") and applicable rules and regulations of the Securities Exchange Commission ("SEC") regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021 filed with the SEC on March 31, 2021. The unaudited condensed consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries, as well as a variable interest entity in which the Company is the primary beneficiary. All intercompany accounts and transactions are eliminated. See the variable interest entity section below and Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest entity. The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal 2022 or any future period. In March 2021, a Certificate of Amendment was filed with the state of Delaware for Visible Equity, LLC ("Visible Equity"), a wholly-owned subsidiary of the Company, to change its name to nCino Portfolio Analytics, LLC. The state of Delaware effected the name change in April 2021. Effective February 1, 2021, the Company adopted the requirement of Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) using the alternative transition method. Under this method, the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. See the Recently Adopted Accounting Guidance section for the adoption of ASU 2016-02, Leases (Topic 842).
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Variable Interest Entity | Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity ("VIE"). nCino K.K. is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity investment, the Company has not provided financial or other support to nCino K.K. that it was not contractually obligated to provide. The assets of the VIE can only be used to settle the obligations of the VIE and the creditors of the VIE do not have recourse to the Company. The assets and liabilities of the VIE were not significant to the Company’s consolidated financial statements except for cash which is reflected on the unaudited condensed consolidated balance sheets. See Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest. |
Redeemable Non-Controlling Interest | Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either at the option of the (i) minority investors or (ii) the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the unaudited condensed consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.” |
Use of Estimates | Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, stand-alone selling price, and other revenue items requiring significant judgement; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; fair value of contingent consideration; the useful lives of intangible assets; the valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates. |
Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2021 and July 31, 2021. The Company maintains its cash, cash equivalents and restricted cash with high-credit-quality financial institutions. |
Restricted Cash | Restricted Cash: Restricted cash consists of deposits held as collateral for the Company's bank guarantees issued in place of security deposits for certain property leases. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. We recognize a contract asset in the form of accounts receivable when we have an unconditional right to payment, and we record a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for professional services performed but not yet billed and (ii) revenues recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. Accounts receivable are reported at their gross outstanding balance reduced by an allowance for estimated receivable losses, which includes allowances for doubtful accounts and a reserve for expected credit losses. |
Leases | Leases: The Company determines if an arrangement is or contains a lease at inception date based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company accounts for lease and non-lease components as a single lease component for its facilities and equipment leases. The Company did not have any finance leases as of July 31, 2021. Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease term reflects the noncancelable period of the lease together with options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Variable costs, such as common area maintenance costs, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. The Company's leases do not generally provide an implicit rate; therefore, the Company uses its incremental borrowing rate in determining the present value of the lease payments. Lease expense is recognized on a straight-line basis over the lease term. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term.
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Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard will affect all entities that lease assets and will require lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of less than one year) as of the date on which the lessor makes the underlying asset available to the lessee. For lessors, accounting for leases is substantially the same as in prior periods. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The Company used the alternative transition method in which the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. The Company elected the package of practical expedients which permits the Company to not reassess prior conclusions pertaining to lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements. In addition, the Company elected ongoing practical expedients including the option to not recognize right-of-use assets and lease liabilities for short term leases (leases with an original term of twelve months or less). The Company also elected the practical expedient to not separate lease and non-lease components for our facilities and equipment leases. The adoption of this ASU resulted in the recognition of operating right-of-use assets of $10.5 million and lease liabilities of $12.2 million, and the derecognition of deferred rent on the Company's unaudited condensed consolidated balance sheet on February 1, 2021. The adoption of this ASU did not impact the Company's unaudited condensed consolidated statements of operations, comprehensive loss or the unaudited condensed consolidated statements of cash flows. Upon the adoption of this ASU there was no change to the accounting for the Company's financing obligation. In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU, which impacted the Company's allowance for doubtful accounts, did not have a material impact on the Company's unaudited condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The guidance includes amendments to improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to the financial statements is codified in the disclosure section of the codification and to clarify guidance so that entities can apply guidance more consistently on codifications that are varied in nature where the original guidance may have been unclear. ASU 2020-10 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements.
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Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in Allowance for Doubtful Accounts | A summary of activity in the allowance for doubtful accounts is as follows:
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Variable Interest Entity and Redeemable Non-Controlling Interest (Tables) |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity | The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below:
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Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2021 and July 31, 2021 and indicates the fair value hierarchy of the valuation:
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Revenues (Tables) |
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Revenue by Geographic Region | Revenues by geographic region were as follows:
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Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2021 and July 31, 2021:
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Property and Equipment (Tables) |
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Property, Plant and Equipment | Property and equipment, net consisted of the following:
The Company recognized depreciation expense as follows:
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The change in the carrying amounts of goodwill was as follows:
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Schedule of Finite-Lived Intangible Assets | Intangible assets, net are as follows:
|
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Finite-lived Intangible Assets Amortization Expense | The Company recognized amortization expense as follows:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The expected future amortization expense for intangible assets as of July 31, 2021 is as follows:
|
Stockholders’ Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||
Schedule of Stock by Class | At July 31, 2021, the Company committed a total of 25,901,959 shares of common stock for future issuance as follows:
|
Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Activity | Stock option activity for the six months ended July 31, 2021 was as follows:
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Schedule of Nonvested Restricted Stock Units Activity | RSU activity during the six months ended July 31, 2021 was as follows:
|
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The assumptions utilized for the ESPP shares for the six months ended July 31, 2021 were as follows:
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | The components of lease expense for the three and six months ended July 31, 2021 were as follows:
Supplemental cash flow information for the six months ended July 31, 2021 related to operating leases was as follows:
|
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Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments as of July 31, 2021 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments as of January 31, 2021, prior to our adoption of the new lease ASU, were as follows:
|
Basic and Diluted Loss per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive:
|
Summary of Significant Accounting Policies - Summary of Uncollectible Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | $ 52 | $ 167 | $ 88 | $ 0 |
Charged to (recovery of) bad debt expense | 7 | 452 | (5) | 619 |
Charged to (recovery of) deferred revenue | 0 | 0 | (24) | 0 |
Translation adjustments | 0 | 3 | 0 | 3 |
Balance, end of period | $ 59 | $ 622 | $ 59 | $ 622 |
Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Details) - nCino K.K - USD ($) $ in Millions |
Oct. 31, 2019 |
Jul. 31, 2021 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Payments to noncontrolling interests | $ 4.7 | |
Estimated redeemable noncontrolling interest redemption value | $ 0.1 | |
nCino K.K | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by parent | 0.51% |
Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance, beginning of period | $ 3,065 | $ 4,384 | $ 3,791 | $ 4,356 |
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) | (403) | (232) | (870) | (408) |
Foreign currency translation | (22) | 78 | (151) | 169 |
Adjustment to redeemable non-controlling interest | (177) | 154 | (307) | 267 |
Balance, end of period | $ 2,463 | $ 4,384 | $ 2,463 | $ 4,384 |
Fair Value of Financial Instruments - Summary of Financial Assets (Details) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Level 1 | ||
Assets: | ||
Time deposits (included in other long-term assets) | $ 328 | |
Total assets | 355,783 | $ 332,541 |
Level 1 | Money Market Funds | ||
Assets: | ||
Money market accounts (included in cash and cash equivalents) | 355,455 | 332,541 |
Level 2 | ||
Assets: | ||
Time deposits (included in other long-term assets) | 0 | |
Total assets | 0 | 0 |
Level 2 | Money Market Funds | ||
Assets: | ||
Money market accounts (included in cash and cash equivalents) | 0 | 0 |
Level 3 | ||
Assets: | ||
Time deposits (included in other long-term assets) | 0 | |
Total assets | 0 | 0 |
Level 3 | Money Market Funds | ||
Assets: | ||
Money market accounts (included in cash and cash equivalents) | $ 0 | $ 0 |
Revenues - Revenue By Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 66,519 | $ 48,765 | $ 128,874 | $ 93,477 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 55,706 | 44,049 | 109,032 | 84,520 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 10,813 | $ 4,716 | $ 19,842 | $ 8,957 |
Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Trade accounts receivable | $ 49,771 | $ 53,272 |
Unbilled accounts receivable | 1,642 | 1,814 |
Allowance for doubtful accounts | (59) | (88) |
Other accounts receivable | 469 | 519 |
Total accounts receivable, net | $ 51,823 | $ 55,517 |
Property and Equipment - Property and Equipment, net (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization | $ 53,360 | $ 39,903 |
Less accumulated depreciation | (12,249) | (9,960) |
Property and equipment, net | 41,111 | 29,943 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 6,874 | 6,706 |
Computers and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,656 | 5,039 |
Buildings and land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16,300 | 16,300 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 11,603 | 11,581 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 12,927 | $ 277 |
Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Property, Plant and Equipment [Line Items] | ||||
Cost of revenues | $ 352 | $ 302 | $ 737 | $ 589 |
Total depreciation expense | 1,201 | 961 | 2,482 | 1,908 |
Sales and marketing | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation, nonproduction | 288 | 246 | 597 | 513 |
Research and development | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation, nonproduction | 414 | 300 | 846 | 580 |
General and administrative | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation, nonproduction | $ 147 | $ 113 | $ 302 | $ 226 |
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Goodwill [Roll Forward] | ||||
Balance, beginning of period | $ 57,325 | $ 55,630 | $ 57,149 | $ 55,840 |
Translation adjustments | (585) | 897 | (409) | 687 |
Balance, end of period | $ 56,740 | $ 56,527 | $ 56,740 | $ 56,527 |
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 28,066 | $ 28,169 |
Accumulated Amortization | (6,611) | (5,032) |
Net Carrying Amount | 21,455 | 23,137 |
Acquired developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 6,223 | 6,320 |
Accumulated Amortization | (3,041) | (2,295) |
Net Carrying Amount | 3,182 | 4,025 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 21,716 | 21,721 |
Accumulated Amortization | (3,443) | (2,609) |
Net Carrying Amount | 18,273 | 19,112 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 127 | 128 |
Accumulated Amortization | (127) | (128) |
Net Carrying Amount | $ 0 | $ 0 |
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 810 | $ 796 | $ 1,624 | $ 1,592 |
Cost of subscription revenues | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | 393 | 378 | 789 | 747 |
Sales and marketing | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | 417 | 418 | 835 | 835 |
General and administrative | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization expense | $ 0 | $ 0 | $ 0 | $ 10 |
Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 (remaining) | $ 1,613 | |
2023 | 3,225 | |
2024 | 2,520 | |
2025 | 1,670 | |
2026 | 1,670 | |
Thereafter | 10,757 | |
Net Carrying Amount | $ 21,455 | $ 23,137 |
Reseller Agreement - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Affiliated Entity | Reseller Agreement | ||||
Related Party Transaction [Line Items] | ||||
Related party costs | $ 11.2 | $ 8.7 | $ 21.7 | $ 16.2 |
Stockholders’ Equity - Common Stock Future Issuance (Details) - shares |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock reserved for future issuance (in shares) | 25,901,959 | |
Issued and outstanding stock options | 3,465,303 | 5,467,012 |
Possible issuance under stock plans | 20,142,342 | |
Common Stock reserved for future issuance | 25,901,959 | |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issued and outstanding stock options | 3,465,303 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested issued and outstanding restricted stock units ("RSUs") | 2,294,314 | |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock reserved for future issuance (in shares) | 25,901,959 | |
Common Stock reserved for future issuance | 25,901,959 |
Stock-Based Compensation - Stock Option Activity (Details) - $ / shares |
6 Months Ended |
---|---|
Jul. 31, 2021 | |
Number of Shares | |
Outstanding, beginning of period (in shares) | 5,467,012 |
Granted (in shares) | 0 |
Expired or forfeited (in shares) | (34,125) |
Exercised (in shares) | (1,967,584) |
Outstanding, end of period (in shares) | 3,465,303 |
Exercisable, end of period (in shares) | 2,907,856 |
Fully vested or expected to vest, end of period (in shares) | 3,409,558 |
Weighted Average Exercise Price | |
Outstanding, beginning of period (in USD per share) | $ 6.00 |
Granted (in USD per share) | 0 |
Expired or forfeited (in USD per share) | 10.55 |
Exercised (in USD per share) | 4.68 |
Outstanding, end of period (in USD per share) | 6.70 |
Exercisable, end of period (in USD per share) | 5.08 |
Fully vested or expected to vest, end of period (in USD per share) | $ 6.57 |
Stock-Based Compensation - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jul. 31, 2021
USD ($)
| |
Stock Option | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized compensation costs | $ 2.2 |
Unrecognized compensation costs period for recognition | 1 year 6 months 3 days |
Restricted Stock Units (RSUs) | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized compensation costs | $ 65.4 |
Unrecognized compensation costs period for recognition | 3 years 4 months 13 days |
Employee Stock | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized compensation costs | $ 0.7 |
Stock-Based Compensation - RSUs Activity (Details) - Restricted Stock Units (RSUs) |
6 Months Ended |
---|---|
Jul. 31, 2021
$ / shares
shares
| |
Number of Shares | |
Nonvested, beginning of period (in shares) | shares | 1,848,296 |
Granted (in shares) | shares | 786,865 |
Vested (in shares) | shares | (316,398) |
Forfeited (in shares) | shares | (24,449) |
Nonvested, end of period (in shares) | shares | 2,294,314 |
Weighted Average Grant Date Fair Value | |
Nonvested, beginning of period (in USD per share) | $ / shares | $ 22.07 |
Granted (in USD per share) | $ / shares | 70.19 |
Vested (in USD per share) | $ / shares | 20.06 |
Forfeited (in USD per share) | $ / shares | 41.43 |
Nonvested, end of period (in USD per share) | $ / shares | $ 38.64 |
Stock-Based Compensation - ESPP Assumptions (Details) - Employee Stock |
6 Months Ended |
---|---|
Jul. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 6 months |
Expected volatility | 48.70% |
Expected dividends | 0.00% |
Risk-free interest rate | 0.05% |
Leases - Narrative (Details) |
Jul. 31, 2021 |
---|---|
Leases [Abstract] | |
Term of contract | 5 years |
Operating lease, weighted average remaining lease term | 5 years 1 month 9 days |
Operating lease, weighted average discount rate, percent | 4.40% |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2021 |
|
Leases [Abstract] | ||
Operating lease expense | $ 739 | $ 1,421 |
Short-term lease expense | 199 | 393 |
Variable lease expense | 66 | 147 |
Total | $ 1,004 | $ 1,961 |
Leases - Supplemental Cash Flow Information (Details) $ in Thousands |
3 Months Ended |
---|---|
Jul. 31, 2021
USD ($)
| |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,435 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,771 |
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Jul. 31, 2021 |
Jan. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
2022 (remaining) | $ 3,043 | |
2023 | 3,029 | |
2024 | 2,147 | |
2025 | 1,893 | |
2026 | 1,691 | |
Thereafter | 1,950 | |
Total lease liabilities | 13,753 | |
Less: imputed interest | (1,088) | |
Total lease obligations | 12,665 | |
Operating lease liabilities, current portion | (2,685) | $ 0 |
Operating lease liabilities, noncurrent | $ 9,980 | $ 0 |
Leases - Future Minimum Lease Payments Prior to Adoption of 842 (Details) $ in Thousands |
Jan. 31, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2022 | $ 2,445 |
2023 | 1,937 |
2024 | 1,942 |
2025 | 1,630 |
2026 | 1,679 |
Thereafter | 2,544 |
Total lease liabilities | $ 12,177 |
Commitment and Contingencies (Details) - USD ($) $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
May 31, 2021 |
Jul. 31, 2021 |
Jan. 31, 2021 |
Nov. 30, 2020 |
|
Commitments and Contingencies Disclosure [Abstract] | ||||
Long-term purchase commitment, amount | $ 2.6 | |||
Capital leased assets, gross | $ 16.3 | |||
Capital lease obligations | $ 16.3 | |||
Construction in progress, gross | $ 24.0 | $ 18.0 | ||
Construction payable, estimated liability | $ 24.0 | $ 18.0 |
Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Numerator | ||||
Net loss attributable to nCino, Inc. | $ (13,683) | $ (14,646) | $ (28,691) | $ (19,415) |
Denominator | ||||
Weighted-average common shares outstanding, basic | 95,661,756 | 84,629,777 | 95,042,448 | 83,112,132 |
Weighted-average common shares outstanding, diluted | 95,661,756 | 84,629,777 | 95,042,448 | 83,112,132 |
Basic loss per share attributable to nCino, Inc. (in USD per share) | $ (0.14) | $ (0.17) | $ (0.30) | $ (0.23) |
Diluted loss per share attributable to nCino, Inc. (in USD per share) | $ (0.14) | $ (0.17) | $ (0.30) | $ (0.23) |
Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Details) - shares |
6 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 3,465,303 | 7,464,094 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 2,294,314 | 2,041,093 |
Employee Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 7,753 | 0 |
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