Company: NCNO
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001902733-25-000026
Chunk: 50

Company: nCino, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 8
Chunk 50
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 costs associated with the construction of the additional building were capitalized as construction in progress with a corresponding construction liability through construction. Upon completion of the additional building in November 2022, for approximately $22.4 million, the costs of the construction in progress and the corresponding construction liability were reclassified to property and equipment, net and financing obligations on the consolidated balance sheets, respectively, and the term of the Company's November 2020 lease for its headquarters and the related parking deck became coterminous with the April 2021 lease. The term of the April 2021 lease expires in October 2037 with options to extend. The purchase option expires if not exercised on or before November 30, 2026.The leases will be analyzed for applicable lease accounting upon expiration of the purchase option, if not exercised.Purchase commitments and future minimum lease payments required under financing obligations as of January 31, 2025 is as follows:Fiscal Year Ending January 31,Purchase commitmentsFinancing obligations - leased facility2026$88,090 $4,653 202780,665 3,958 202874,152 — 2029— — 2030— — Thereafter— — Total$242,907 $8,611 Residual financing obligations and assets49,617 Less: amount representing interest(5,376)Financing obligations$52,852 A portion of the associated lease payments are recognized as interest expense and the remainder reduces the financing obligations. The weighted-average discount rate for the Company's financing obligations as of January 31, 2025 was 5.7%.IndemnificationIn the ordinary course of business, the Company generally includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. The Company has not accrued any material liabilities related to such obligations in the accompanying consolidated financial statements.Legal ProceedingsFrom time to time, the Company is involved in legal proceedings or is subject to claims arising in the ordinary course of business including the following:On September 26, 2022, a purported stockholder of the Company filed a complaint in the Delaware Court of Chanc