Company: NCNO
Filing Date: 2025-12-03
Form Type: 10-Q
Source: 0001902733-25-000131
Chunk: 172

Company: nCino, Inc.
Filing Date: 2025-12-03
Form: 10-Q
Item: Part I, Item 8
Chunk 172
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, 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 GAAP income (loss) from operations, the most directly comparable financial measure, calculated and presented in accordance with GAAP:

Three Months Ended October 31,Nine Months Ended October 31,($ in thousands)2024202520242025GAAP income (loss) from operations$(824)$11,716 $(12,393)$907 AdjustmentsAmortization of intangible assets7,357 9,151 21,388 27,581 Stock-based compensation expense17,971 18,251 53,015 52,681 Acquisition-related expenses3,423 677 9,410 3,401 Litigation expenses(1)115 — 365 — Restructuring and related charges— 64 — 10,129 Total adjustments28,866 28,143 84,178 93,792 Non-GAAP operating income$28,042 $39,859 $71,785 $94,699 

(1) Represents 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 October 31, 2025, we had $87.6 million in cash and cash equivalents and an accumulated deficit of $384.4 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 seasonality of our billings.

As of October 31, 2025, the Company had $203.5 million outstanding and no letters of credit issued under the credit facility, was in compliance with all covenants, and had borrowing availability of $46.5 million. During the nine months ended October 31,