Company: NCNO
Filing Date: 2025-08-26
Form Type: 10-Q
Source: 0001902733-25-000106
Chunk: 55

Company: nCino, Inc.
Filing Date: 2025-08-26
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 the investment, organization, management, and operation of nCino K.K. that is focused on the distribution of the Company’s products in Japan. In October 2019, the Company initially contributed $4.7 million in cash in exchange for 51% of the outstanding common stock of nCino K.K. In October 2023, the Company made a further investment in nCino K.K. of $1.0 million that, including additional investments in nCino K.K. of $1.0 million by existing third-party investors in October 2023, maintained the Company's ownership of 51%. As of July 31, 2025, the Company controls a majority of the outstanding common stock in nCino K.K.All of the common stock held by the Investors is callable by the Company or puttable by the Investors at the option of the Investors or at the option of the Company beginning on the eighth anniversary of the agreement with the Investors. Should the call or put option be exercised, the redemption value would be determined based on a prescribed formula derived from the discrete revenues of nCino K.K. and the Company and may be settled, at the Company’s discretion, with Company 

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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)

stock or cash or a combination of the foregoing. As a result of the put right available to the Investors, the redeemable non-controlling interests in nCino K.K. are classified outside of permanent equity in the Company’s unaudited condensed consolidated balance sheets. The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below:Three Months Ended July 31,Six Months Ended July 31,2024202520242025Balance, beginning of period$4,105 $8,729 $3,428 $8,286 Net income (loss) attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)(58)(74)(223)2 Foreign currency translation5 11 (2)(6)Adjustment to redeemable non-controlling interest75 1,612 919 1,991 Stock-based compensation expense16 67 11 72 Balance, end of period$4,133 $10,345 $4,133 $10,345 1 n