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• Total Revenues of $138.8M , up 14% year-over-year • Subscription Revenues of $119.9M , up 14% year-over-year • GAAP Operating Margin of (1)% , up ~1,000 basis points year-over-year • Non-GAAP Operating Margin of 20% , up ~350 basis points year-over-year WILMINGTON, N.C., Dec. 04, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the third quarter of fiscal year 2025, ended October 31, 2024. "We are very pleased with our third quarter results, once again exceeding expectations for both revenues and non-GAAP operating income," said Pierre Naudé, Chairman and CEO at nCino. "The team delivered solid execution globally, with over 30 multi-solution deals and more gross bookings from net new customers than the previous two quarters combined. Multi-solution deals continue to show the demand for a true end-to-end platform for financial institutions to onboard customers, open accounts, originate loans and manage the portfolio across multiple business lines. We remain focused on innovation and delivering efficiencies that create real business value, and we're excited by the strength and expansion we saw in our business this quarter as a result of that reputation." Financial Highlights Revenues: Total revenues for the third quarter of fiscal 2025 were $138.8 million, a 14% increase from $121.9 million in the third quarter of fiscal 2024. Subscription revenues for the third quarter were $119.9 million, up from $104.8 million one year ago, an increase of 14%. Income (Loss) from Operations: GAAP loss from operations in the third quarter of fiscal 2025 was $(0.8) million compared to $(12.9) million in the same quarter of fiscal 2024. Non-GAAP operating income in the third quarter of fiscal 2025 was $28.0 million compared to $20.4 million in the third quarter of fiscal 2024, an increase of 38%. Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(5.3) million compared to $(16.4) million in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter of fiscal 2025 was $24.4 million compared to $16.2 million in the third quarter of fiscal 2024, an increase of 51%. Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(0.05) per basic and diluted share compared to $(0.15) per basic and diluted share in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter was $0.21 per diluted share compared to $0.14 per diluted share in the third quarter of fiscal 2024. Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of October 31, 2024, was $1.095 billion, compared with $917.1 million as of October 31, 2023, an increase of 19%. RPO expected to be recognized in the next 24 months was $730.0 million, an increase of 16% from $627.6 million as of October 31, 2023. Cash: Cash, cash equivalents, and restricted cash were $258.3 million as of October 31, 2024, which reflected refinancing the revolving credit facility and included $129.7 million that was subsequently utilized to acquire FullCircl on November 5, 2024. Recent Business Highlights Completed acquisition of FullCircl: Closed the acquisition of FullCircl on November 5, 2024, expanding nCino's onboarding capabilities by adding data aggregation components to the platform for financial institutions in EMEA. Signed a multi-solution expansion agreement with a top-40 bank in the U.S.: Shortly after quarter end, expanded relationship with a top-40 bank in the U.S. for Commercial and Small Business Lending, Commercial Pricing & Profitability, Automated Spreading and Banking Advisor. Signed first Banking Advisor deal in Australia: Extended relationship with a top-5 Australian bank for three years with the addition of Banking Advisor. Signed largest customer in Japan: Tokushima Taisho Bank selected nCino to transform its business lending operations, making the bank nCino’s largest customer in Japan. Signed an expansion agreement with the largest bank in Norway: The bank expanded its adoption of nCino Commercial Lending, including Banking Advisor, and will also be running Credit Portfolio Management and ESG reporting on nCino. One of the largest home builders in the U.S. went live on the nCino Mortgage Solution: The affiliate mortgage company of a large, national home builder completed its rollout of the nCino Mortgage Solution. Financial Outlook nCino is providing guidance for its fourth quarter ending January 31, 2025 , as follows: Total revenues between $139.5 million and $141.5 million. Subscription revenues between $122.5 million and $124.5 million. Non-GAAP operating income between $23.25 million and $24.25 million. Non-GAAP net income attributable to nCino per diluted share of $0.18 to $0.19. nCino is providing guidance for its fiscal year 2025 ending January 31, 2025 , as follows: Total revenues between $539.0 million and $541.0 million. Subscription revenues between $467.0 million and $469.0 million. Non-GAAP operating income between $95.0 million and $96.0 million. Non-GAAP net income attributable to nCino per diluted share of $0.75 to $0.76. 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 website: https://investor.ncino.com/news-events/events-and-presentations . About nCino nCino (NASDAQ: NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 1,800 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com. Forward-Looking Statements: This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino’s future performance, outlook, guidance, the assumptions underlying those statements, the benefits from the use of nCino’s solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers’ or their clients' data; (v) the accuracy of management’s assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution; (vii) competitive factors, including pricing pressures, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses. Additional risks and uncertainties that could affect nCino’s business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov ). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time. Non-GAAP Financial Measures In nCino’s public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures. Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino’s management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino’s management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies. Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. We believe these costs, which are primarily related to legal, consulting and other professional services fees, are non-recurring in nature and outside the ordinary course of business. Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results. Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Tax Benefit Related to Acquisitions. In connection with deferred tax liabilities assumed from acquisitions, nCino may reduce the valuation allowance against deferred tax assets, resulting in a one-time tax benefit recorded in Income tax provision (benefit). We believe that the exclusion of this benefit from our non-GAAP net income attributable to nCino and non-GAAP net income attributable to nCino per share provides a more direct comparison to all periods presented. Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses. Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company’s operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results. There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino’s management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below. 1 Columns may not foot due to rounding. 2 These amounts represent the non-interest component of payments towards financing obligations for facilities. CONTACTS INVESTOR CONTACT Harrison Masters nCino +1 910.734.7743 Harrison.masters@ncino.com MEDIA CONTACT Natalia Moose nCino Natalia.moose@ncino.comDrama for DOGE bros: Ramaswamy caught on tape trashing Musk
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NEW YORK (AP) — UnitedHealthcare's CEO was shot and killed Wednesday in a “brazen, targeted attack” outside a Manhattan hotel where the health insurer was holding its investor conference, police said, setting off a massive dragnet hours before the annual Rockefeller Center Christmas tree lighting. Brian Thompson, 50, was shot around 6:45 a.m. as he walked alone to the New York Hilton Midtown from a nearby hotel, police said. The shooter appeared to be “lying in wait for several minutes” before approaching Thompson from behind and opening fire, New York City Police Commissioner Jessica Tisch said. Police had not yet established a motive. “Many people passed the suspect, but he appeared to wait for his intended target,” Tisch said, adding that the shooting "does not appear to be a random act of violence.” Surveillance video reviewed by investigators shows the shooter emerging from behind a parked car, stopping and pointing a gun at Thompson’s back, holding it with two hands and firing multiple times from several feet away. The suspect continues firing, interrupted by a brief gun jam, as Thompson stumbles forward and falls to the sidewalk. The shooter is then seen walking past Thompson and out of the frame. “From watching the video, it does seem that he’s proficient in the use of firearms as he was able to clear the malfunctions pretty quickly,” NYPD Chief of Detectives Joseph Kenny said. Thompson was shot at least once in the back and once in the calf, Tisch said. The shooter, who police said appeared to be a man wearing a jacket, face mask and carrying a backpack, fled on foot before pedaling an e-bike into Central Park a few blocks away. The shooter was at large, sparking a search that included police drones, helicopters and dogs. “We are deeply saddened and shocked at the passing of our dear friend and colleague Brian Thompson, the CEO of UnitedHealthcare," the insurer's Minnetonka, Minnesota-based parent company, UnitedHealth Group Inc., said in a statement. “Brian was a highly respected colleague and friend to all who worked with him,” UnitedHealth Group said. "We are working closely with the New York Police Department and ask for your patience and understanding during this difficult time.” Police issued a poster showing a surveillance image of the suspect pointing what appeared to be a gun and another image that appeared to show the same person on a bicycle. They offered a reward of up to $10,000 for information leading to an arrest and conviction. Thompson’s wife, Paulette Thompson, told NBC News that he told her “there were some people that had been threatening him.” She said she didn’t have details but suggested the threats may have involved issues with insurance coverage. Eric Werner, the police chief in the Minneapolis suburb where Thompson lived, said his department had not received any reports of threats against the executive. The killing shook a part of New York City that's normally quiet at that hour, happening about four blocks from where tens of thousands of people were set to gather for Wednesday night’s tree lighting. Police promised extra security for the event, which will go on as scheduled. The hotel is also a short walk from other tourist sites, including the Museum of Modern Art, and is often dense with office workers and visitors on weekday mornings. Many security cameras are nearby. “We’re encouraging New Yorkers to go about their daily lives and their daily business but to be alert,” NYPD Chief of Department Jeffrey Maddrey said. Investigators recovered several 9 mm shell casings from outside the hotel and a cellphone from the alleyway through which the suspect fled. They were also searching Thompson's hotel room, interviewing his UnitedHealthcare colleagues and reviewing his social media, Kenny said. The e-bike that the shooter used to ride into Central Park came from the city’s bike-share program, CitiBike. A spokesperson for fLyft, which operates the program, said the company had not yet been contacted by police. Health care giant UnitedHealth Group was holding its annual meeting with investors to update Wall Street on the company's direction and expectations for the coming year. The company ended the conference early in the wake of Thompson's death. “I’m afraid that we — some of you may know we’re dealing with a very serious medical situation with one of our team members,” a company official told attendees, according to a transcript. “And as a result, I’m afraid we’re going to have to bring to a close the event today. ... I’m sure you’ll understand.” Thompson had served as CEO for more than three years and had been with the company since 2004. UnitedHealthcare is the largest provider of Medicare Advantage plans in the U.S. and manages health insurance coverage for employers and state-and federally funded Medicaid programs. Minnesota Gov. Tim Walz tweeted that the state is “sending our prayers to Brian’s family and the UnitedHealthcare team.” “This is horrifying news and a terrible loss for the business and health care community in Minnesota,” the Democrat wrote. Associated Press writers Tom Murphy in Indianapolis, Steve Karnowski in St. Paul, Minnesota, and Anthony Izaguirre in Albany, New York, contributed to this story.
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