nCino, Inc(NASDAQ:NCNO) 
nCino, Inc., a software-as-a-service company, provides cloud-based software applications for financial institutions in the United States and internationally. Its nCino Bank Operating System, a tenant cloud platform, which digitizes, automates, and streamlines complex processes and workflow; and util...
Website: http://www.ncino.com
Founded: 2011
IPO Price: $31 (Jul 14, 2020)
Full Time Employees: 1,791 (Jan 2023)
CEO: Pierre Naudé
Sector: Technology
Industry: Software-Application
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 | 2020-07-31 |
|---|---|---|---|---|---|---|
revenues | ||||||
subscription | 57,085,000 | 53,934,000 | 51,033,000 | 44,978,000 | 43,279,000 | 39,351,000 |
professional services | 12,951,000 | 12,585,000 | 11,322,000 | 11,609,000 | 10,950,000 | 9,414,000 |
total revenues | 70,036,000 | 66,519,000 | 62,355,000 | 56,587,000 | 54,229,000 | 48,765,000 |
yoy | 29.15% | 36.41% | ||||
qoq | 5.29% | 6.68% | 10.19% | 4.35% | 11.20% | |
cost of revenues | ||||||
subscription1 | 15,753,000 | 15,308,000 | 14,946,000 | 13,570,000 | 12,380,000 | 11,920,000 |
professional services1 | 11,501,000 | 11,267,000 | 11,353,000 | 10,598,000 | 10,134,000 | 10,667,000 |
total cost of revenues | 27,254,000 | 26,575,000 | 26,299,000 | 24,168,000 | 22,514,000 | 22,587,000 |
gross profit | 42,782,000 | 39,944,000 | 36,056,000 | 32,419,000 | 31,715,000 | 26,178,000 |
yoy | 34.90% | 52.59% | ||||
qoq | 7.10% | 10.78% | 11.22% | 2.22% | 21.15% | |
gross margin % | 61.09% | 60.05% | 57.82% | 57.29% | 58.48% | 53.68% |
operating expenses | ||||||
sales and marketing1 | 20,586,000 | 19,216,000 | 18,425,000 | 17,704,000 | 14,175,000 | 15,626,000 |
research and development1 | 19,956,000 | 18,609,000 | 17,425,000 | 16,929,000 | 15,077,000 | 15,292,000 |
general and administrative1 | 14,964,000 | 15,287,000 | 15,680,000 | 11,642,000 | 11,251,000 | 10,953,000 |
total operating expenses | 55,506,000 | 53,112,000 | 51,530,000 | 46,275,000 | 40,503,000 | 41,871,000 |
income from operations | -12,724,000 | -13,168,000 | -15,474,000 | -13,856,000 | -8,788,000 | -15,693,000 |
yoy | 44.79% | -16.09% | ||||
qoq | -3.37% | -14.90% | 11.68% | 57.67% | -44.00% | |
operating margin % | -18.17% | -19.80% | -24.82% | -24.49% | -16.21% | -32.18% |
non-operating income | ||||||
interest income | 57,000 | 59,000 | 57,000 | 72,000 | 78,000 | 55,000 |
interest expense | -379,000 | -330,000 | -268,000 | |||
other income | -255,000 | -337,000 | 267,000 | |||
loss before income tax expense | -13,301,000 | -13,776,000 | -15,418,000 | -12,558,000 | -8,970,000 | -14,521,000 |
income tax expense | 356,000 | 487,000 | 187,000 | -123,000 | 309,000 | 203,000 |
net income | -13,657,000 | -14,263,000 | -15,605,000 | -12,435,000 | -9,279,000 | -14,724,000 |
yoy | 47.18% | -3.13% | ||||
qoq | -4.25% | -8.60% | 25.49% | 34.01% | -36.98% | |
net income margin % | -19.50% | -21.44% | -25.03% | -21.98% | -17.11% | -30.19% |
net loss attributable to redeemable non-controlling interest | -389,000 | -403,000 | -467,000 | -430,000 | -292,000 | -232,000 |
adjustment attributable to redeemable non-controlling interest | 368,000 | -177,000 | -130,000 | 53,000 | 76,000 | 154,000 |
net loss attributable to ncino, inc. | -13,636,000 | -13,683,000 | -15,008,000 | -12,058,000 | -9,063,000 | -14,646,000 |
net income per share | ||||||
basic and diluted | -0.14 | -0.14 | -0.16 | -0.13 | -0.1 | -0.17 |
weighted-average number of common shares outstanding: | ||||||
basic and diluted | 96,431,082 | 95,661,756 | 94,402,265 | 87,678,323 | 91,600,203 | 84,629,777 |
other | 84,250 | -260,000 | 1,117,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 | 2020-07-31 | 2020-01-31 |
|---|---|---|---|---|---|---|---|
assets | |||||||
current assets | |||||||
cash and cash equivalents | 371,425,000 | 371,425,000 | 371,425,000 | 371,425,000 | 91,184,000 | 91,184,000 | 91,184,000 |
accounts receivables | 55,517,000 | 55,517,000 | 55,517,000 | 55,517,000 | 34,205,000 | 34,205,000 | 34,205,000 |
costs capitalized to obtain revenue contracts, current portion | 4,864,000 | 4,864,000 | 4,864,000 | 4,864,000 | 3,608,000 | 3,608,000 | 3,608,000 |
prepaid expenses and other current assets | 10,425,000 | 10,425,000 | 10,425,000 | 10,425,000 | 7,079,000 | 7,079,000 | 7,079,000 |
total current assets | 442,231,000 | 442,231,000 | 442,231,000 | 442,231,000 | 145,277,000 | 145,277,000 | 145,277,000 |
property and equipment | 29,943,000 | 29,943,000 | 29,943,000 | 29,943,000 | 13,477,000 | 13,477,000 | 13,477,000 |
operating lease right-of-use assets | |||||||
costs capitalized to obtain revenue contracts, noncurrent | 10,191,000 | 10,191,000 | 10,191,000 | 10,191,000 | 7,000,000 | 7,000,000 | 7,000,000 |
goodwill | 57,149,000 | 57,149,000 | 57,149,000 | 57,149,000 | 55,840,000 | 55,840,000 | 55,840,000 |
intangible assets | 23,137,000 | 23,137,000 | 23,137,000 | 23,137,000 | 26,093,000 | 26,093,000 | 26,093,000 |
other long-term assets | 750,000 | 750,000 | 750,000 | 750,000 | 2,464,000 | 2,464,000 | 2,464,000 |
total assets | 563,401,000 | 563,401,000 | 563,401,000 | 563,401,000 | 250,151,000 | 250,151,000 | 250,151,000 |
liabilities, redeemable non-controlling interest, and stockholders’ equity | |||||||
current liabilities | |||||||
accounts payable | 1,634,000 | 1,634,000 | 1,634,000 | 1,634,000 | 1,258,000 | 1,258,000 | 1,258,000 |
accounts payable, related parties | 4,363,000 | 4,363,000 | 4,363,000 | 4,363,000 | 3,408,000 | 3,408,000 | 3,408,000 |
accrued commissions | 12,500,000 | 12,500,000 | 12,500,000 | 12,500,000 | 7,862,000 | 7,862,000 | 7,862,000 |
other accrued expenses | 7,527,000 | 7,527,000 | 7,527,000 | 7,527,000 | 4,922,000 | 4,922,000 | 4,922,000 |
deferred rent, current portion | 203,000 | 203,000 | 203,000 | 203,000 | 183,000 | 183,000 | 183,000 |
deferred revenue, current portion | 89,141,000 | 89,141,000 | 89,141,000 | 89,141,000 | 50,929,000 | 50,929,000 | 50,929,000 |
financing obligations, current portion | 324,000 | ||||||
operating lease liabilities, current portion | |||||||
total current liabilities | 115,692,000 | 115,692,000 | 115,692,000 | 115,692,000 | 76,575,000 | 76,575,000 | 76,575,000 |
operating lease liabilities, noncurrent | |||||||
deferred income taxes, noncurrent | 368,000 | 368,000 | 368,000 | 368,000 | 194,000 | 194,000 | 194,000 |
deferred rent, noncurrent | 1,486,000 | 1,486,000 | 1,486,000 | 1,486,000 | 1,558,000 | 1,558,000 | 1,558,000 |
deferred revenue, noncurrent | 946,000 | 946,000 | 946,000 | 946,000 | |||
financing obligations, noncurrent | 15,939,000 | ||||||
construction liability, noncurrent | |||||||
total liabilities | 134,431,000 | 134,431,000 | 134,431,000 | 134,431,000 | 78,522,000 | 78,522,000 | 78,522,000 |
commitments and contingencies | |||||||
redeemable non-controlling interest | 3,791,000 | 3,791,000 | 3,791,000 | 3,791,000 | 4,356,000 | 4,356,000 | 4,356,000 |
stockholders’ equity | |||||||
preferred stock, 0.001 par value... | |||||||
common stock | 47,000 | 47,000 | 47,000 | 47,000 | |||
additional paid-in capital | 585,956,000 | 585,956,000 | 585,956,000 | 585,956,000 | 288,564,000 | 288,564,000 | 288,564,000 |
accumulated other comprehensive income | 240,000 | 240,000 | 240,000 | 240,000 | -408,000 | -408,000 | -408,000 |
accumulated deficit | -161,064,000 | -161,064,000 | -161,064,000 | -161,064,000 | -120,924,000 | -120,924,000 | -120,924,000 |
total stockholders’ equity | 425,179,000 | 425,179,000 | 425,179,000 | 425,179,000 | 167,273,000 | 167,273,000 | 167,273,000 |
total liabilities, redeemable non-controlling interest, and stockholders’ equity | 563,401,000 | 563,401,000 | 563,401,000 | 563,401,000 | 250,151,000 | 250,151,000 | 250,151,000 |
construction liability, current portion | |||||||
financing obligation, current portion | 324,000 | 324,000 | 324,000 | ||||
financing obligation, noncurrent | 15,939,000 | 15,939,000 | 15,939,000 | ||||
accounts receivable, related parties | 9,201,000 | 9,201,000 | 9,201,000 | ||||
deferred revenue, current portion, related parties | 8,013,000 | 8,013,000 | 8,013,000 | ||||
other long-term liabilities | 195,000 | 195,000 | 195,000 | ||||
voting common stock, 0.0005 par value; 99,708,247 and 0 shares authorized as of january 31, 2020 and january 31, 2021, respectively; 75,596,007 and 0 shares issued and outstanding as of january 31, 2020 and january 31, 2021, respectively | |||||||
non-voting common stock, 0.0005 par value; 10,291,753 and 0 shares authorized as of january 31, 2020 and january 31, 2021, respectively; 5,931,319 and 0 shares issued and outstanding as of january 31, 2020 and january 31, 2021, respectively | |||||||
voting common stock, 0.0005 par value; 99,708,247 and 0 shares authorized as of january 31, 2020 and october 31, 2020, respectively; 75,596,007 and 0 shares issued and outstanding as of january 31, 2020 and october 31, 2020, respectively | 38,000 | ||||||
non-voting common stock, 0.0005 par value; 10,291,753 and 0 shares authorized as of january 31, 2020 and october 31, 2020, respectively; 5,931,319 and 0 shares issued and outstanding as of january 31, 2020 and october 31, 2020, respectively | 3,000 | ||||||
voting common stock, 0.0005 par value; 99,708,247 and 0 shares authorized as of january 31, 2020 and july 31, 2020, respectively; 75,596,007 and 0 shares issued and outstanding as of january 31, 2020 and july 31, 2020, respectively | 38,000 | 38,000 | |||||
non-voting common stock, 0.0005 par value; 10,291,753 and 0 shares authorized as of january 31, 2020 and july 31, 2020, respectively; 5,931,319 and 0 shares issued and outstanding as of january 31, 2020 and july 31, 2020, respectively | 3,000 | 3,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2021-10-31 | 2021-07-31 | 2021-04-30 | 2021-01-31 | 2020-10-31 |
|---|---|---|---|---|---|
cash flows from operating activities | |||||
net loss attributable to ncino, inc. | -13,636,000 | -13,683,000 | -15,008,000 | -12,058,000 | -9,063,000 |
net loss and adjustment attributable to redeemable non-controlling interest | -21,000 | -580,000 | -597,000 | -377,000 | -216,000 |
net loss | -13,657,000 | -14,263,000 | -15,605,000 | -12,435,000 | -9,279,000 |
adjustments to reconcile net loss to net cash from operating activities: | |||||
depreciation and amortization | 2,033,000 | 2,011,000 | 2,095,000 | 2,006,000 | 1,925,000 |
non-cash operating lease costs | 623,000 | 635,000 | 589,000 | ||
amortization of costs capitalized to obtain revenue contracts | 1,445,000 | 1,400,000 | 1,312,000 | 1,161,000 | 1,091,000 |
stock-based compensation | 5,845,000 | 7,640,000 | 7,064,000 | 5,595,000 | 5,293,000 |
deferred income taxes | -29,000 | 159,000 | 62,000 | 72,000 | 56,000 |
provision for bad debt | |||||
net foreign currency losses | 148,000 | ||||
change in operating assets and liabilities: | |||||
accounts receivable | 17,827,000 | 3,979,000 | -192,000 | -29,149,000 | 5,170,000 |
accounts receivable, related parties | 0 | 0 | |||
costs capitalized to obtain revenue contracts | -1,432,000 | -2,923,000 | -1,493,000 | -4,436,000 | -916,000 |
prepaid expenses and other assets | -3,145,000 | 639,000 | 1,076,000 | -690,000 | -2,639,000 |
accounts payable and accrued expenses and other liabilities | 861,000 | 7,055,000 | -6,029,000 | 8,637,000 | 2,564,000 |
accounts payable, related parties | 174,000 | 221,000 | 478,000 | 264,000 | 72,000 |
deferred rent | 57,000 | -44,000 | |||
deferred revenue | -29,215,000 | 6,612,000 | 19,411,000 | 18,926,000 | |
deferred revenue, related parties | 0 | ||||
operating lease liabilities | -643,000 | -642,000 | -632,000 | ||
net cash from operating activities | -19,076,000 | 13,341,000 | 7,558,000 | -11,925,000 | -10,759,000 |
capital expenditures | -8,377,000 | 5,766,000 | 5,341,000 | -685,000 | -789,000 |
free cash flows | -27,453,000 | 19,107,000 | 12,899,000 | -12,610,000 | -11,548,000 |
cash flows from investing activities | |||||
purchases of property and equipment | -2,368,000 | -750,000 | -522,000 | -583,000 | -819,000 |
net cash from investing activities | -2,368,000 | -750,000 | -522,000 | -583,000 | -819,000 |
cash flows from financing activities | |||||
proceeds from initial public offering, net of underwriting discounts and commissions | 0 | 0 | |||
payments of costs related to initial public offering | -241,000 | -1,179,000 | |||
exercise of stock options | 3,420,000 | 1,315,000 | 7,885,000 | 4,886,000 | 2,998,000 |
principal payments on financing obligations | |||||
net cash from financing activities | 3,334,000 | 1,299,000 | 7,806,000 | 4,411,000 | 1,819,000 |
effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | -166,000 | -903,000 | 437,000 | ||
net increase in cash, cash equivalents, and restricted cash | -18,276,000 | 12,987,000 | 15,279,000 | ||
cash and cash equivalents, beginning of period | 0 | 0 | 0 | ||
cash, cash equivalents, and restricted cash, end of period | -18,276,000 | 12,987,000 | 386,704,000 | ||
cash, cash equivalents, and restricted cash, end of period: | |||||
cash and cash equivalents | -18,283,000 | 12,848,000 | 386,515,000 | ||
restricted cash included in other long-term assets | 7,000 | 139,000 | 189,000 | ||
total cash, cash equivalents, and restricted cash, end of period | -18,276,000 | 12,987,000 | 386,704,000 | ||
supplemental disclosure of cash flow information | |||||
cash paid during the year for taxes, net of refunds | 218,000 | 37,000 | 80,000 | 44,000 | 351,000 |
cash paid during the year for interest on financing obligations | |||||
supplemental disclosure of noncash investing and financing activities | |||||
purchase of property and equipment, accrued but not paid | -6,009,000 | 6,516,000 | 5,863,000 | -102,000 | 30,000 |
building-leased facility acquired through financing obligation | |||||
costs related to initial public offering, accrued but not paid | -1,179,000 | ||||
costs related to initial public offering, reclassified from other long term assets to equity | 0 | 0 | |||
provision for (recovery of) bad debt | 7,000 | -12,000 | -242,000 | -277,000 | |
principal payments on financing obligation | -16,000 | -79,000 | |||
cash paid during the year for interest | 330,000 | 268,000 | |||
net foreign currency gains | -566,000 | ||||
payments of deferred costs | |||||
cash, cash equivalents, and restricted cash, beginning of period | 371,425,000 | ||||
acquisition of business, net of cash acquired | |||||
investment from redeemable non-controlling interest | |||||
proceeds from stock issuance | |||||
stock issuance costs | |||||
contingent consideration payments | |||||
effect of foreign currency exchange rate changes on cash and cash equivalents | 938,000 | 152,000 | |||
net increase in cash and cash equivalents | -7,159,000 | -9,607,000 | |||
cash and cash equivalents, end of period | -7,159,000 | -9,607,000 | |||
deferred costs, accrued but not paid | |||||
fair value of common stock issued as consideration for business acquisition | |||||
fair value of contingent consideration in connection with business acquisition in other long-term liabilities | |||||
fair value of contingent consideration in connection with business acquisition included in equity | |||||
deferred revenues | |||||
deferred revenues, related parties |