Company: NCNO
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001902733-25-000106
Chunk: 169

Company: nCino, Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Part I, Item 8
Chunk 169
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 in accordance with GAAP. There are limitations in the use of non-GAAP measures because they do not include all of the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison.

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The following table reconciles non-GAAP operating income to loss from operations, the most directly comparable financial measure, calculated and presented in accordance with GAAP (in thousands):

Three Months Ended July 31,Six Months Ended July 31,($ in thousands)2024202520242025GAAP loss from operations$(7,906)$(9,296)$(11,569)$(10,809)AdjustmentsAmortization of intangible assets7,349 9,241 14,031 18,430 Stock-based compensation expense18,839 18,616 35,044 34,430 Acquisition-related expenses947 1,384 5,987 2,724 Litigation expenses169 — 250 — Restructuring and related charges— 10,065 — 10,065 Total adjustments27,204 39,306 55,312 65,649 Non-GAAP operating income$19,298 $30,010 $43,743 $54,840 

1Represents legal expenses related to a closed government antitrust investigation and related settled civil action and a dismissed shareholder derivative lawsuit.

Liquidity and Capital Resources

As of July 31, 2025, we had $122.9 million in cash and cash equivalents and an accumulated deficit of $393.0 million. Our net losses have been driven by our investments in developing the nCino Platform and scaling our sales and marketing organization and finance and administrative functions to support our rapid growth.

To date, we have funded our capital needs through issuances of common stock including our initial public offering in July 2020, operating cash flows, and our revolving line of credit. We generally bill and collect from our customers annually in advance. Our billings are subject to seasonality, with billings in the first and fourth quarters of our fiscal year substantially higher than in the second and third quarters. Because we recognize revenues ratably, our deferred revenue balance mirrors the