Company: NCNO
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001902733-25-000026
Chunk: 149

Company: nCino, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 7
Chunk 149
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 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. See Note 18 "Restructuring" of the notes to our consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for more information on the charges related to the restructuring.

This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented 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 (loss) to loss from operations, the most directly comparable financial measure, calculated and presented in accordance with GAAP (in thousands):

Fiscal Year Ended January 31,($ in thousands)202320242025GAAP loss from operations$(94,013)$(39,512)$(18,131)AdjustmentsAmortization of intangible assets28,200 37,226 30,093 Stock-based compensation expense50,232 58,035 71,592 Acquisition-related expenses2,276 878 12,245 Litigation expenses16,147 4,525 366 Restructuring and related charges25,017 627 — Total adjustments91,872 101,291 114,296 Non-GAAP operating income (loss)$(2,141)$61,779 $96,165 

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

2Stock-based compensation benefit of $0.2 million related to restructuring is included on the stock-based compensation expense line item for the fiscal year ended January 31, 2023.

Liquidity and Capital Resources

As of January 31, 2025, we had $120.9 million in cash and cash equivalents, and an accumulated deficit of $385.3 million. Our net losses have been driven by