Company: NCNO
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001902733-25-000106
Chunk: 60

Company: nCino, Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 1,228 1,090 General and administrative190 180 384 361 Total depreciation expense$1,580 $1,461 $3,188 $2,977 Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consisted of the following:As of January 31,2025As of July 31,2025Contingent consideration liability$— $8,400 Accrued compensation and benefits23,626 12,488 Accrued expenses16,239 12,766 Accrued expenses and other current liabilities$39,865 $33,654 

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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 options was allocated between consideration transferred and post combination expense in the amounts of $4.2 million and $2.0 million, respectively. As there was no future service requirement due to accelerated vesting of these options, the entire $2.0 million was recorded as transaction cost immediately following the acquisition and not in consideration transferred. The $2.0 million is included within general and administrative expenses. The estimated fair value of the consideration transferred was $72.4 million on the DocFox Acquisition Date.In addition, the Company issued 198,505 RSUs with an approximate fair value of $6