- Total Revenues of $128.1M, up 13% year-over-year
- Subscription Revenues of $110.4M, up 13% year-over-year
- GAAP Operating Margin of (3)%, up ~500 basis points year-over-year
- Non-GAAP Operating Margin of 19%, up ~900 basis points year-over-year
WILMINGTON - May 29, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the first quarter of fiscal year 2025, ended April 30, 2024.
"Building on our fourth quarter momentum, we had a great start to the year, achieving our highest first-quarter gross sales in Company history,” said Pierre Naudé, Chairman and CEO at nCino. “Our strong sales execution produced wins across multiple markets, highlighting the breadth and depth of our product portfolio and the effectiveness of our single platform strategy. This was reinforced by the positive feedback we received at nSight, our annual customer conference, where we saw strong demand for our products, especially those that embed intelligence into essential business processes. Just as nCino led financial institutions to the cloud, we are uniquely positioned to lead them on the path to greater efficiency through the use of data, analytics, and AI."
Financial Highlights
- Revenues: Total revenues for the first quarter of fiscal 2025 were $128.1 million, a 13% increase from $113.7 million in the first quarter of fiscal 2024. Subscription revenues for the first quarter were $110.4 million, up from $97.3 million one year ago, an increase of 13%.
- Income (Loss) from Operations: GAAP loss from operations in the first quarter of fiscal 2025 was $(3.7) million compared to $(8.6) million in the same quarter of fiscal 2024. Non-GAAP operating income in the first quarter of fiscal 2025 was $24.4 million compared to $10.9 million in the first quarter of fiscal 2024.
- Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the first quarter of fiscal 2025 was $(3.0) million compared to $(11.2) million in the first quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the first quarter of fiscal 2025 was $22.0 million compared to $8.0 million in the first quarter of fiscal 2024.
- Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the first quarter of fiscal 2025 was $(0.03) per basic and diluted share compared to $(0.10) per basic and diluted share in the first quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the first quarter was $0.19 per diluted share compared to $0.07 per diluted share in the first quarter of fiscal 2024.
- Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of April 30, 2024, was $1.069 billion, compared with $914.0 million as of April 30, 2023, an increase of 17%. RPO expected to be recognized in the next 24 months was $701.8 million, an increase of 13% from $622.6 million as of April 30, 2023.
- Cash: Cash, cash equivalents, and restricted cash were $134.8 million as of April 30, 2024.
Recent Business Highlights
- Signed expansion agreement with M&T Bank for Continuous Credit Monitoring: nCino's Continuous Credit Monitoring Solution leverages Rich Data Co's explainable AI platform and is designed to bring transparency to every decision, giving financial institutions more comprehensive insights into cash flow health, credit risk, and lending opportunities at both the customer and portfolio level.
- Grew relationship with an over $15 billion-asset bank: An existing customer for Treasury Management expanded its commitment to nCino to include nCino’s Deposit Account Opening, Small Business and Consumer Banking Solutions.
- Expanded with a district bank in the Farm Credit System: Expanded our partnership with one of the nation's four district banks within the Farm Credit System through 2031 to deliver on a single platform vision.
- Added a new logo with a specialist lender in the U.K.: A high-growth specialist lender serving the U.K. SME market selected nCino to leverage nIQ capabilities for automating processes and driving better data consistency by consolidating disparate systems onto one platform.
- Hosted nSight 2024: Welcomed over 1,600 attendees to a sold-out conference in Charlotte, N.C., representing hundreds of financial institutions from 12 countries.
Financial Outlook
nCino is providing guidance for its second quarter ending July 31, 2024, as follows:
- Total revenues between $130.5 million and $131.5 million.
- Subscription revenues between $112.5 million and $113.5 million.
- Non-GAAP operating income between $17.0 million and $18.5 million.
- Non-GAAP net income attributable to nCino per diluted share of $0.12 to $0.13.
nCino is providing guidance for its fiscal year 2025 ending January 31, 2025, as follows:
- Total revenues between $538.5 million and $544.5 million.
- Subscription revenues between $463.0 million and $469.0 million.
- Non-GAAP operating income between $86.0 million and $89.0 million.
- Non-GAAP net income attributable to nCino per diluted share of $0.65 to $0.68.
Conference Call
nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino’s.
About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,800 financial services providers globally.
