Company: NCNO
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001902733-25-000026
Chunk: 43

Company: nCino, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 8
Chunk 43
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 prepaid expenses and other assets$4,137 $6,201 Deferred income taxes, noncurrent(3,687)(13,851)Net deferred tax liabilities$450 $(7,650)Income taxes payable, which is included in accrued expenses and other current liabilities on the consolidated balance sheets as of January 31, 2024 and 2025 were $2.0 million and $1.2 million, respectively.The Company continually assesses the realizability of its deferred tax assets based on an evaluative process that considers all available positive and negative evidence. The Company has established a valuation allowance in the amount of $148.3 million and $160.3 million as of January 31, 2024 and 2025, respectively, because the Company believes it is not more likely than not the deferred tax asset in jurisdictions excluding several foreign jurisdictions will be realized. We continue to maintain a valuation allowance against our deferred tax assets in several jurisdictions, including the U.S. It is determined by management when a valuation allowance should be recorded, utilizing significant judgement and the use of estimates. In fiscal year 2025, the Company acquired DocFox and FullCircl. As part of the DocFox acquisition, the Company recorded a net U.S. deferred tax liability mostly related to identifiable intangible assets. The deferred tax liability 

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

recognized provides additional positive evidence that a portion of the Company’s U.S. deferred tax assets are realizable. As a result, the Company reduced the historical valuation allowance in the U.S. by $3.6 million.For the fiscal years ended January 31, 2023, 2024, and 2025, the valuation allowance increased by $29.3 million, $9.9 million, and $12.0 million, respectively.The Company maintains its assertion of the Company’s intent for certain foreign earnings to be indefinitely reinvested. As of January 31, 2025, the Company has not recorded taxes on approximately $26.7 million of cumulative undistributed earnings of the Company’s non-U.S. subsidiaries. The Company generally does not provide for taxes related to the Company’s undistributed earnings because such earnings either would not be taxable when remitted or they are indefinitely reinvested. If in the foreseeable future, the Company can no longer demonstrate