Company: NCNO
Filing Date: 2025-05-28
Form Type: 10-Q
Source: 0001902733-25-000076
Chunk: 34

Company: nCino, Inc.
Filing Date: 2025-05-28
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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2025Furniture and fixtures$11,712 $11,706 Computers and equipment7,193 7,385 Buildings and land56,379 56,379 Leasehold improvements28,046 28,094 Construction in progress627 4,147 103,957 107,711 Less accumulated depreciation(29,004)(30,418)$74,953 $77,293 The Company recognized depreciation expense as follows:Three Months Ended April 30,20242025Cost of subscription revenues$121 $108 Cost of professional services and other revenues342 345 Sales and marketing342 310 Research and development609 572 General and administrative194 181 Total depreciation expense$1,608 $1,516 Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following:As of January 31,2025As of April 30,2025Contingent consideration liability$— $8,300 Accrued compensation and benefits23,626 12,729 Accrued expenses16,239 14,156 Accrued expenses and other current liabilities$39,865 $35,185 

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Table of ContentsnCino, Inc.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(In thousands, except share and per share amounts and unless otherwise indicated)

Note 6. Business Combinations

DocFox, Inc. (“DocFox”)On March 20, 2024 (the "DocFox Acquisition Date"), the Company acquired the outstanding equity interests of DocFox, which provides a solution to automate onboarding experiences for commercial and business banking. The Company acquired DocFox for its complementary product set, which helps simplify and automate the onboarding and account opening process. The Company has included the financial results of DocFox in the unaudited condensed consolidated statements of operations from the DocFox Acquisition Date. Including the $2.0 million in post combination expense referenced below, transaction costs associated with the DocFox acquisition were approximately $3.9 million and were recorded in general and administrative expenses.The Company paid a total of $74.3 million in cash as of the DocFox Acquisition Date. Included in the total cash paid was $6.2 million for DocFox common stock options that were cash settled on the DocFox Acquisition Date. The $6.2 million fair value of the DocFox common stock