# EDGAR Filing Document

**Accession Number:** 0001902733
**File Stem:** 0001902733-25-000105
**Filing Date:** 2025-8
**Character Count:** 46685
**Document Hash:** 2e9a2a83a3e25b4c6c6c320485441bb7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001902733-25-000105.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001902733-25-000105

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250826

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** nCino, Inc.
- **CENTRAL INDEX KEY:** 0001902733
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41211
- **FILM NUMBER:** 251257656

**BUSINESS ADDRESS:**
- **STREET 1:** 6770 PARKER FARM DRIVE
- **CITY:** WILMINGTON
- **STATE:** NC
- **ZIP:** 28405
- **BUSINESS PHONE:** 910-275-5491

**MAIL ADDRESS:**
- **STREET 1:** 6770 PARKER FARM DRIVE
- **CITY:** WILMINGTON
- **STATE:** NC
- **ZIP:** 28405

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Penny HoldCo, Inc.
- **DATE OF NAME CHANGE:** 20220104

?xml version='1.0' encoding='ASCII'? ncno-20250826

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): August 26, 2025**

**nCino, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41211** | **87-4154342** |
| **(State or other jurisdiction of** | **(Commission file number)** | **(IRS Employer** |
| **incorporation)** | | **Identification No.)** |

---

**6770 Parker Farm Drive**

**Wilmington, North Carolina 28405**

**(Address of Principal Executive Offices, Including Zip Code)**

**Registrant's Telephone Number, Including Area Code: (888) 676-2466**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:&nbsp;&nbsp;&nbsp;&nbsp;

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0005 per share | NCNO | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On August 26, 2025, nCino, Inc. (the "Company") issued a press release announcing its financial results for its second quarter ended July 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by reference in such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Press release of nCino, Inc. dated August 26, 2025 (furnished and not filed).](secondquarterfy26earningsp.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **nCino, Inc.** |
| Date: August 26, 2025 | By: | /s/ Gregory D. Orenstein |
|  |  | Gregory D. Orenstein |
|  |  | Chief Financial Officer & Treasurer |

---

## Exhibit 99.1

Exhibit 99.1

![ncino.jpg](ncino.jpg)

**nCino Reports Second Quarter Fiscal Year 2026 Financial Results**

• *Total Revenues of $148.8M, up 12% year-over-year* 

• *Subscription Revenues of $130.8M, up 15% year-over-year*

**WILMINGTON, N.C., August 26, 2025** -- nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the second quarter of fiscal year 2026, ended July 31, 2025.

"We are pleased to report financial results that again exceeded quarterly guidance for total and subscription revenues, as well as non-GAAP operating income," said Sean Desmond, CEO at nCino. "We saw customer demand continue to strengthen in the second quarter, including for newer solutions and across our target markets, reinforcing our confidence in our strategy and in our improved financial outlook. Our vision of being the leader in AI-banking is rapidly coming into focus through continuous innovation and relentless pursuit of the substantial opportunity we are uniquely positioned for."

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenues:** Total revenues for the second quarter of fiscal 2026 were $148.8 million, a 12% increase from $132.4 million in the second quarter of fiscal 2025. Subscription revenues for the second quarter were $130.8 million, up from $113.9 million one year ago, an increase of 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income (Loss) from Operations:** GAAP loss from operations in the second quarter of fiscal 2026 was $(9.3) million compared to $(7.9) million in the same quarter of fiscal 2025. Non-GAAP operating income in the second quarter of fiscal 2026 was $30.0 million compared to $19.3 million in the second quarter of fiscal 2025, an increase of 56%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Income (Loss) Attributable to nCino:** GAAP net income (loss) attributable to nCino in the second quarter of fiscal 2026 was $(15.3) million compared to $(11.0) million in the second quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the second quarter of fiscal 2026 was $25.7 million compared to $15.6 million in the second quarter of fiscal 2025, an increase of 64%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Income (Loss) Attributable to nCino per Share:** GAAP net income (loss) attributable to nCino in the second quarter of fiscal 2026 was $(0.13) per basic and diluted share compared to $(0.10) per basic and diluted share in the second quarter of fiscal 2025. Non-GAAP net income attributable to nCino in the second quarter was $0.22 per diluted share compared to $0.13 per diluted share in the second quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash:** Cash, cash equivalents, and restricted cash were $123.2 million as of July 31, 2025 and $203.5 million was outstanding under nCino's revolving credit facility. In the second quarter ended July 31, 2025, nCino repurchased approximately 750,000 shares of the Company's outstanding common stock at an average share price of $26.89 for total consideration of approximately $20.0 million.

------

**Recent Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Renewed and expanded relationships with two top-50 banks in the U.S. and a top-5 Canadian bank:** continued to grow wallet share among North America's largest financial institutions with expanded commitments from commercial customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Signed first Spanish customer:** A non-bank lender in Spain became nCino's first customer in the country and will leverage nCino to scale their lending business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Expanded relationship with a British challenger bank:** Upon renewal, expanded relationship with an existing customer in the UK to include nCino Client Lifecycle Management to deliver efficient onboarding and continuous compliance monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Signed lending division of a top-25 home builder for nCino Mortgage:** Signed a top home-builder for nCino Mortgage to enable nationwide growth.

**Financial Outlook** 

**nCino is providing guidance for its third quarter ending October 31, 2025, as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues between $146.0 million and $148.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subscription revenues between $127.5 million and $129.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating income between $31.5 million and $33.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income attributable to nCino per diluted share of $0.20 to $0.21.

**nCino is providing guidance for its fiscal year 2026 ending January 31, 2026, as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenues between $585.0 million and $589.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subscription revenues between $513.5 million and $517.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating income between $117.5 million and $121.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income attributable to nCino per diluted share of $0.77 to $0.80.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Contract Value (ACV) between $564.0 million and $567.0 million.

**Conference Call**

nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino's website: https://investor.ncino.com/news-events/events-and-presentations.

**About nCino**

nCino (NASDAQ: NCNO) is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 2,700 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit

www.ncino.com

.

------

**INVESTOR CONTACT** 

Harrison Masters

Harrison.masters@ncino.com

**MEDIA CONTACT** 

press@ncino.com

**Forward-Looking Statements:** This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino's future performance, outlook, guidance, the benefits from the use of nCino's solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino's historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino's expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we have completed or may undertake, (iv) breaches in our security measures or unauthorized access to our customers' or their clients' data; (v) the accuracy of management's assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution, including in connection with our migration to an asset-based pricing model; (vii) competitive factors, including pricing pressures and migration to asset-based pricing, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses.

------

**nCino, Inc.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **January 31, 2025** | **July 31, 2025** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $120928 | $122935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 146787 | 98468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs capitalized to obtain revenue contracts, current portion, net | 13462 | 14299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 21072 | 19383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 302249 | 255085 |
| Property and equipment, net | 74953 | 77430 |
| Operating lease right-of-use assets, net | 16026 | 12936 |
| Costs capitalized to obtain revenue contracts, noncurrent, net | 23735 | 22676 |
| Goodwill | 1019375 | 1070947 |
| Intangible assets, net | 154571 | 151920 |
| Investments | 9294 | 7262 |
| Long-term prepaid expenses and other assets | 10178 | 17761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1610381 | $1616017 |
| **Liabilities, redeemable non-controlling interest, and stockholders' equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $13640 | $14069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 39865 | 33654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current portion | 191174 | 194883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing obligations, current portion | 1680 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 5153 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 251512 | 248637 |
| Operating lease liabilities, noncurrent | 12819 | 9706 |
| Deferred income taxes, noncurrent | 13851 | 19421 |
| Deferred revenue, noncurrent | 269 | 157 |
| Revolving credit facility, noncurrent | 166000 | 203500 |
| Financing obligations, noncurrent | 51172 | 50248 |
| Other long-term liabilities | 17160 | 17185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 512783 | 548854 |
| Commitments and contingencies |  |  |
| Redeemable non-controlling interest | 8286 | 10345 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 58 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost |  | (60598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1474413 | 1510517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 176 | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (385335) | (393039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1089312 | 1056818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable non-controlling interest, and stockholders' equity** | $1610381 | $1616017 |

---

------

**nCino, Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(In thousands, except share and per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended July 31,** | **Three Months Ended July 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
| | **2024** | **2025** | **2024** | **2025** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription | $113911 | $130752 | $224317 | $256340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 18492 | 18063 | 36173 | 36612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 132403 | 148815 | 260490 | 292952 |
| **Cost of revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription | 33367 | 37992 | 65147 | 74117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional services and other | 20564 | 22698 | 39964 | 44268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 53931 | 60690 | 105111 | 118385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 78472 | 88125 | 155379 | 174567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross margin %** | 59% | 59% | 60% | 60% |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 31713 | 37265 | 59758 | 70236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 34271 | 34667 | 64252 | 68008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 20394 | 25489 | 42938 | 47132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 86378 | 97421 | 166948 | 185376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss from operations** | (7906) | (9296) | (11569) | (10809) |
| **Non-operating income (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 321 | 513 | 926 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (1835) | (4444) | (3312) | (8894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 150 | 717 | (594) | 16814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Loss before income taxes** | (9270) | (12510) | (14549) | (1959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 1753 | 1209 | (1229) | 5743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss** | (11023) | (13719) | (13320) | (7702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to redeemable non-controlling interest | (58) | (74) | (223) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustment attributable to redeemable non-controlling interest | 75 | 1612 | 919 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loss attributable to nCino, Inc.** | $(11040) | $(15257) | $(14016) | $(9695) |
| **Net loss per share attributable to nCino, Inc.:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $(0.10) | $(0.13) | $(0.12) | $(0.08) |
| **Weighted average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 115180130 | 115256497 | 114694001 | 114657339 |

---

------

**nCino, Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
| | **2024** | **2025** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to nCino, Inc. | $(14016) | $(9695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss and adjustment attributable to redeemable non-controlling interest | 696 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | (13320) | (7702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 17219 | 21407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease costs | 2715 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of costs capitalized to obtain revenue contracts | 5645 | 7230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 31 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 35044 | 34430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (2656) | 4003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for bad debt | 25 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency losses (gains) | 392 | (14018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on investments |  | (1652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of long-lived assets | 30 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 37778 | 51837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs capitalized to obtain revenue contracts | (8382) | (6639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (2430) | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 768 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (8645) | (16368) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (2572) | (3411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (2201) | (2606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long term liabilities |  | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 59441 | 72056 |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of business, net of cash acquired | (90839) | (50263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of assets | (300) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (786) | (6866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of investment |  | 3684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (91925) | (53445) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock |  | (60598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings on revolving credit facility | 75000 | 102500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on revolving credit facility | (35000) | (65000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of debt issuance costs | (370) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options | 1737 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock issuance under the employee stock purchase plan | 2514 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on financing obligations | (722) | (824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 43159 | (20184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | (1354) | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in cash, cash equivalents, and restricted cash** | 9321 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash, beginning of period | 117444 | 121267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash, cash equivalents, and restricted cash, end of period** | $126765 | $123223 |

---

------

**nCino, Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In thousands)

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reconciliation of cash, cash equivalents, and restricted cash, end of period:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $121410 | $122935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash included in long-term prepaid expenses and other assets | 5355 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents, and restricted cash, end of period | $126765 | $123223 |

---

------

**Non-GAAP Financial Measures**

In nCino's public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. Acquisition-related expenses include but are not limited to: costs incurred from third-party professional services firms in connection with business combination and one-time integration activities. We believe these costs are non-recurring in nature and outside the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs, if any, that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Adjustments to stock-based compensation in connection with restructuring events, if any, are presented in Stock-Based Compensation Expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Intercompany Foreign Currency Exchange Gains/Losses. Beginning with the first quarter of fiscal 2026, nCino adjusts for foreign currency exchange gains and losses primarily from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity. We believe foreign currency gains and losses on intercompany loans and transactions is not indicative of our results and business outlook. Prior period amounts have been recast to reflect this change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax (Benefit) Provision Related to Acquisitions. Upon certain acquisitions, nCino may adjust the valuation allowance against deferred tax assets, resulting in a one-time tax benefit or provision recorded in income tax (benefit) provision. We believe that the exclusion of this benefit or provision from our non-GAAP net loss attributable to nCino and non-GAAP net loss attributable to nCino per share provides a more direct comparison to all periods presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company's operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results.

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino's management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below.

------

**nCino, Inc.**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES**

(In thousands, except share and per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended July 31,** | **Three Months Ended July 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
| | **2024** | **2025** | **2024** | **2025** |
| **GAAP total revenues** | $132403 | $148815 | $260490 | $292952 |
| **GAAP cost of subscription revenues** | $33367 | $37992 | $65147 | $74117 |
| &nbsp;&nbsp;Amortization expense - developed technology | (4404) | (5115) | (8522) | (10190) |
| &nbsp;&nbsp;Stock-based compensation | (793) | (830) | (1355) | (1494) |
| &nbsp;&nbsp;Restructuring charges |  | (496) |  | (496) |
| **Non-GAAP cost of subscription revenues** | $28170 | $31551 | $55270 | $61937 |
| **GAAP cost of professional services and other revenues** | $20564 | $22698 | $39964 | $44268 |
| &nbsp;&nbsp;Amortization expense - other | (83) | (83) | (165) | (165) |
| &nbsp;&nbsp;Stock-based compensation | (2980) | (3315) | (5759) | (6069) |
| &nbsp;&nbsp;Restructuring charges |  | (722) |  | (722) |
| **Non-GAAP cost of professional services and other revenues** | $17501 | $18578 | $34040 | $37312 |
| **GAAP gross profit** | $78472 | $88125 | $155379 | $174567 |
| &nbsp;&nbsp;Amortization expense - developed technology | 4404 | 5115 | 8522 | 10190 |
| &nbsp;&nbsp;Amortization expense - other | 83 | 83 | 165 | 165 |
| &nbsp;&nbsp;Stock-based compensation | 3773 | 4145 | 7114 | 7563 |
| &nbsp;&nbsp;Restructuring charges |  | 1218 |  | 1218 |
| **Non-GAAP gross profit** | $86732 | $98686 | $171180 | $193703 |
| The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> |
| **GAAP gross margin %** | 59% | 59% | 60% | 60% |
| &nbsp;&nbsp;Amortization expense - developed technology | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;Amortization expense - other |  |  |  |  |
| &nbsp;&nbsp;Stock-based compensation | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;Restructuring charges |  | 1 |  |  |
| **Non-GAAP gross margin %** | 66% | 66% | 66% | 66% |
| **GAAP sales & marketing expense** | $31713 | $37265 | $59758 | $70236 |
| &nbsp;&nbsp;Amortization expense - customer relationships | (2730) | (3631) | (5153) | (7211) |
| &nbsp;&nbsp;Amortization expense - trade name | (104) | (384) | (147) | (808) |
| &nbsp;&nbsp;Amortization expense - other | (28) | (28) | (44) | (56) |
| &nbsp;&nbsp;Stock-based compensation | (4184) | (3746) | (8140) | (6674) |
| &nbsp;&nbsp;Restructuring charges |  | (1383) |  | (1383) |
| &nbsp;&nbsp;Acquisition-related expenses |  |  |  | (335) |
| **Non-GAAP sales & marketing expense** | $24667 | $28093 | $46274 | $53769 |
| **GAAP research & development expense** | $34271 | $34667 | $64252 | $68008 |
| &nbsp;&nbsp;Stock-based compensation | (5286) | (3685) | (9512) | (7800) |
| &nbsp;&nbsp;Restructuring charges |  | (4026) |  | (4026) |
| &nbsp;&nbsp;Acquisition-related expenses |  | (366) |  | (456) |
| **Non-GAAP research & development expense** | $28985 | $26590 | $54740 | $55726 |

---

------

**nCino, Inc.**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES**

(In thousands, except share and per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended July 31,** | **Three Months Ended July 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
| | **2024** | **2025** | **2024** | **2025** |
| **GAAP general & administrative expense** | $20394 | $25489 | $42938 | $47132 |
| &nbsp;&nbsp;Stock-based compensation | (5596) | (7040) | (10278) | (12393) |
| &nbsp;&nbsp;Acquisition-related expenses | (947) | (1018) | (5987) | (1933) |
| &nbsp;&nbsp;Litigation expenses | (69) |  | (250) |  |
| &nbsp;&nbsp;Restructuring charges |  | (3438) |  | (3438) |
| **Non-GAAP general & administrative expense** | $13782 | $13993 | $26423 | $29368 |
| **GAAP loss from operations** | $(7906) | $(9296) | $(11569) | $(10809) |
| &nbsp;&nbsp;Amortization of intangible assets | 7349 | 9241 | 14031 | 18430 |
| &nbsp;&nbsp;Stock-based compensation | 18839 | 18616 | 35044 | 34430 |
| &nbsp;&nbsp;Acquisition-related expenses | 947 | 1384 | 5987 | 2724 |
| &nbsp;&nbsp;Litigation expenses | 69 |  | 250 |  |
| &nbsp;&nbsp;Restructuring charges |  | 10065 |  | 10065 |
| **Non-GAAP operating income** | $19298 | $30010 | $43743 | $54840 |
| The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> | The following table sets forth reconciling items as a percentage of total revenue for the periods presented.<sup>1</sup> |
| **GAAP operating margin %** | (6)% | (6)% | (4)% | (4)% |
| &nbsp;&nbsp;Amortization of intangible assets | 6 | 6 | 5 | 6 |
| &nbsp;&nbsp;Stock-based compensation | 14 | 13 | 13 | 12 |
| &nbsp;&nbsp;Acquisition-related expenses | 1 | 1 | 2 | 1 |
| &nbsp;&nbsp;Litigation expenses |  |  |  |  |
| &nbsp;&nbsp;Restructuring charges |  | 7 |  | 3 |
| **Non-GAAP operating margin %** | 15% | 20% | 17% | 19% |
| **GAAP net loss attributable to nCino, Inc.** | $(11040) | $(15257) | $(14016) | $(9695) |
| &nbsp;&nbsp;Amortization of intangible assets | 7349 | 9241 | 14031 | 18430 |
| &nbsp;&nbsp;Stock-based compensation | 18839 | 18616 | 35044 | 34430 |
| &nbsp;&nbsp;Acquisition-related expenses | 947 | 1384 | 5987 | 2724 |
| &nbsp;&nbsp;Litigation expenses | 69 |  | 250 |  |
| &nbsp;&nbsp;Restructuring charges |  | 10065 |  | 10065 |
| &nbsp;&nbsp;Intercompany foreign currency Exchange (gain)/loss<sup>2</sup> | (278) | (650) | 566 | (14950) |
| &nbsp;&nbsp;Tax provision (benefit) related to acquisition |  | 2508 | (3609) | 553 |
| &nbsp;&nbsp;Income tax effect on non-GAAP adjustments<sup>3</sup> | (313) | (1845) | (763) | 533 |
| &nbsp;&nbsp;Adjustment attributable to redeemable non-controlling interest | 75 | 1612 | 919 | 1991 |
| **Non-GAAP net income attributable to nCino, Inc.** | $15648 | $25674 | $38409 | $44081 |

---

------

**nCino, Inc.**

**RECONCILIATION OF GAAP TO NON-GAAP MEASURES (CONTINUED)**

(In thousands, except share and per share data)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended July 31,** | **Three Months Ended July 31,** | **Six Months Ended July 31,** | **Six Months Ended July 31,** |
| | **2024** | **2025** | **2024** | **2025** |
| **Basic and diluted GAAP net loss attributable to nCino, Inc. per share** | $(0.10) | $(0.13) | $(0.12) | $(0.08) |
| **Weighted-average shares used to compute basic and diluted GAAP net loss attributable to nCino, Inc. per share** | 115180130 | 115256497 | 114694001 | 114657339 |
| **Basic non-GAAP net income attributable to nCino, Inc. per share** | $0.14 | $0.22 | $0.33 | $0.38 |
| **Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share** | 115180130 | 115256497 | 114694001 | 114657339 |
| **Diluted non-GAAP net income attributable to nCino, Inc. per share** | $0.13 | $0.22 | $0.33 | $0.38 |
| **Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share** | 116849057 | 116561782 | 116706457 | 116208579 |
| **Free cash flow** |  |  |  |  |
| &nbsp;&nbsp;Net cash provided by operating activities | $4999 | $17736 | $59441 | $72056 |
| &nbsp;&nbsp;Purchases of property and equipment | (444) | (5148) | (786) | (6866) |
| **Free cash flow** | $4555 | $12588 | $58655 | $65190 |
| &nbsp;&nbsp;Principal payments on financing obligations<sup>4</sup> | (363) | (414) | (722) | (824) |
| **Free cash flow less principal payments on financing obligations** | $4192 | $12174 | $57933 | $64366 |

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<sup>1</sup>Columns may not foot due to rounding.

<sup>2</sup>Effective the beginning of our first quarter for fiscal year 2026, we are excluding intercompany foreign currency exchange gains and losses from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity. Prior period amounts have been recast to reflect this change.

<sup>3</sup>Income tax adjustments for prior periods have been recast related to excluding intercompany foreign currency exchange gains and losses related to intercompany loans and transactions from the remeasurement of intercompany loans and transactions that are denominated in currencies other than the underlying functional currency of the applicable entity as stated in the note above.

<sup>4</sup>These amounts represent the non-interest component of payments towards financing obligations for facilities.

<br>