Company: NCNO
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001902733-25-000026
Chunk: 146

Company: nCino, Inc.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 7
Chunk 146
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 a percentage of revenues as we leverage the investments we have made to date.

General and Administrative

General and administrative expenses increased $13.5 million for fiscal 2025 compared to fiscal 2024, primarily due to an increase of $9.8 million in personnel costs, mostly attributable to a $6.8 million increase in stock-based compensation expense, and an increase in headcount. The increase in general and administrative expenses also included an increase of $5.2 million in third-party professional fees, mostly attributable to an increase for acquisition-related expenses for fiscal 2025 acquisitions offset by a decrease in litigation expenses and other professional fees. The increase in general and administrative spend was partially offset by a decrease of $1.6 million in allocated overheard and other general and administrative costs.

Our general and administrative headcount increased by 18 from January 31, 2024 to January 31, 2025, primarily due to acquisitions. We expect general and administrative expenses will decrease as a percentage of revenues as we leverage the investments we have made to date.

43

Non-Operating Income (Expense)

Fiscal Year Ended January 31,($ in thousands)20242025Interest income$2,567 0.5 %$1,761 0.3 %Interest expense(4,135)(0.9)(8,763)(1.6)Other expense, net(856)(0.2)(10,427)(1.9)

Interest income decreased $0.8 million for fiscal 2025 compared to fiscal 2024, due to the mix of our accounts earning interest and interest rates. Interest expense increased $4.6 million for fiscal 2025 compared to fiscal 2024, due to borrowing on our revolving credit facility. The increase of $9.6 million in other expense, net was primarily driven by intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity resulting in remeasurement losses.

Income Tax Provision (Benefit)

Fiscal Year Ended January 31,($ in thousands)20242025Income tax provision (benefit)$1,590 0.3 %$(2,511)(0.5)%

Income tax benefit was $2.5 million for fiscal 2025 compared to a provision of $1.6 million for fiscal 2024 and resulted in an effective tax rate of 7.1% compared to (3.8)% in the prior fiscal year. 

See Note