Company: NCNO
Filing Date: 2025-12-03
Form Type: 10-Q
Source: 0001902733-25-000131
Chunk: 174

Company: nCino, Inc.
Filing Date: 2025-12-03
Form: 10-Q
Item: Part I, Item 8
Chunk 174
---
2020, we established nCino K.K., a Japanese company in which we own a controlling interest, for purposes of facilitating our entry into the Japanese market. We have consolidated the results of operations and financial condition of nCino K.K. since its inception. Pursuant to an agreement with the holders of the non-controlling interest in nCino K.K., beginning in 2027 we may redeem the non-controlling interest, or be required to redeem such interest by the holders thereof, based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported on our balance sheet below total liabilities but above stockholders’ equity at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. As part of our joint venture obligations, we made an additional cash capital contribution of $1.0 million to nCino K.K. during the third quarter of fiscal 2024. As of January 31, 2025 and October 31, 2025, the redeemable non-controlling interest was $8.3 million and $12.4 million, respectively.

Cash Flows

Summary Cash Flow information for the nine months ended October 31, 2024 and 2025 are set forth below:

Nine Months Ended October 31,($ in thousands)20242025Net cash provided by operating activities$65,218 $77,127 Net cash used in investing activities(92,755)(53,619)Net cash provided by (used in) financing activities168,439 (59,815)

Net Cash Provided by Operating Activities

The $77.1 million provided by operating activities in the nine months ended October 31, 2025 reflects our net income of $0.9 million, offset by $86.8 million in net non-cash charges and $10.6 million used in changes in working capital accounts. Non-cash charges primarily consisted of stock-based compensation, depreciation and amortization, amortization of costs capitalized to obtain revenue contracts, deferred income taxes, non-cash operating lease costs, loss on disposal of long-lived assets, change in fair value of contingent consideration, provision for bad debt, and amortization of debt issuance costs, partially offset by foreign currency gains related to remeasurement of intercompany loans and transactions and gains on investments. Cash used in