nCino(NCNO) - 2026 Q1 - Quarterly Report

Revenue Growth - Total revenues increased from $128,087 thousand in Q1 2024 to$144,137 thousand in Q1 2025, representing a growth of 12.5%[17] - Subscription revenues rose from $110,406 thousand in Q1 2024 to$125,588 thousand in Q1 2025, an increase of 13.8%[17] - Total revenue for the three months ended April 30, 2025, was $144.1 million, representing a 12.6$128.1 million in the same period of 2024[67] - Revenues from the United States for the three months ended April 30, 2025, were $112.6 million, up from$102.2 million in the same period of 2024[160] - Subscription revenues for the three months ended April 30, 2025, were $125.6 million, a 13.8$110.4 million in the same period of 2024[182] Profitability - Net income attributable to nCino, Inc. improved from a loss of $2,976 thousand in Q1 2024 to a profit of$5,562 thousand in Q1 2025[17] - The net income attributable to the Company for the three months ended April 30, 2025, was $5.6 million, compared to a net loss of$3.0 million for the same period in 2024, representing a significant turnaround[157] - Net income improved from a loss of $2.3 million in Q2 2024 to a profit of$6.0 million in Q2 2025[202] Operating Expenses - Operating expenses increased from $80,570 thousand in Q1 2024 to$87,955 thousand in Q1 2025, reflecting a rise of 9.4%[17] - Operating expenses increased from $80.6 million in Q2 2024 to$88.0 million in Q2 2025, with the operating loss narrowing from $3.7 million to$1.5 million[211] - Sales and marketing expenses rose by $4.9 million, driven by increased personnel costs and marketing expenses[212] Cash Flow and Liquidity - Cash flows from operating activities remained stable, with$54,442 thousand in Q1 2024 compared to $54,320 thousand in Q1 2025[27] - The company reported a net cash increase of$17,394 thousand in Q1 2024, while in Q1 2025, the increase was $12,313 thousand[27] - Cash and cash equivalents at the end of the period decreased slightly from$129,481 thousand in Q1 2024 to $133,230 thousand in Q1 2025[27] Acquisitions - The company acquired DocFox for$74.3 million, with transaction costs of approximately $3.9 million recorded in general and administrative expenses[79] - The FullCircl acquisition was completed for a total consideration of$142.4 million, with $129.2 million paid in cash at the acquisition date[94] - The company acquired Sandbox Banking for an aggregate purchase price of$62.9 million, enhancing its data connectivity and operational capabilities[179] Stock and Shareholder Actions - In March 2025, the Board of Directors authorized a stock repurchase program of up to $100 million, with$59.4 million remaining as of April 30, 2025[119][121] - During the three months ended April 30, 2025, the company repurchased 1,829,113 shares at an average price of $22.17, totaling$40.551 million[120] - The company granted 2,644,929 RSUs on May 1, 2025, expecting to recognize stock-based compensation expense of $60.5 million over a weighted average period of 4 years[163] Future Expectations - The Company expects to incur restructuring charges of approximately$7.5 to $9.0 million in the second quarter of fiscal 2026 due to a workforce reduction of about 7$208.5 million under the 2024 Credit Facility as of April 30, 2025, with an interest rate of 6.32% and an available borrowing capacity of $41.5 million[143] - The total lease liabilities as of April 30, 2025, amounted to$21.169 million, with long-term lease obligations of $12.338 million[131] - The Company had total purchase commitments of$217.1 million and financing obligations of $52.4 million as of April 30, 2025[149]