nCino(US:NCNO)2022-09-02 04:33Financial Highlights - nCino's total revenues for Q2 FY2023 were $99.6 million[5], while subscription revenues reached $84.4 million[5] - The remaining performance obligations as of July 31, 2022, amounted to $907.4 million[5] - Subscription revenues experienced a year-over-year growth rate of 57% in Q2 FY2023[5] Revenue Growth - nCino's subscription revenue grew consistently, reaching $84 million in the current quarter[9], contributing to a total revenue of $99.6 million[9] - The company's overall non-GAAP gross margin for Q2 2023 was 65%[9], with a non-GAAP subscription gross margin of 74%[9] - The company is projecting total revenues between $401.5 million and $403.5 million for fiscal year 2023[26] Investments and Profitability - nCino is investing in growth, with non-GAAP sales and marketing expenses at 26% of revenues[19], research and development at 27% of revenues[19], and general and administrative expenses at 14% of revenues[19] - The company's non-GAAP operating loss was $2.8 million[22], representing a negative 3% operating margin[22] - nCino is providing guidance for its fiscal year 2023, projecting a non-GAAP operating loss between $12 million and $14 million[26] Customer Base - nCino has a growing customer base, with over 1,750 customers[5], including nCino, nIQ, and SimpleNexus customers[29] - The company employs a land and expand model, with ACV expansion ranging from 1.2X to 3.6X for different customer cohorts[32]