• Total Revenues of $70.0M, up 29% year-over-year
• Subscription Revenues of $57.1M, up 32% year-over-year
• Signed Definitive Agreement to Acquire SimpleNexus after Quarter Close

nCino, Inc., a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced financial results for its third quarter of fiscal year 2022 ended October 31, 2021.

“The third quarter was another strong quarter for nCino as we added new logos across the U.S. and multiple international markets, including our first customer in Japan, and also signed expanded contracts with existing nCino customers,” said Pierre Naudé, nCino’s Chief Executive Officer. “I’m extremely proud of our team’s continued execution as we hit our first quarter with $70 million in total revenues.”

Naudé continued, “The results from the quarter coupled with our recent announcement to acquire SimpleNexus and their leading, mobile-first, cloud-native, homeownership platform, position us extremely well to continue driving the digital transformation of the global financial services industry while generating sustainable, long-term growth.”

Financial Highlights

• Revenues: Total revenues for the third quarter were $70.0 million, a 29% increase from $54.2 million in the third quarter of fiscal 2021. Subscription revenues for the third quarter were $57.1 million, up from $43.3 million one year ago, an increase of 32%.
• Loss from Operations: GAAP loss from operations in the third quarter was ($12.7) million compared to ($8.8) million in the same quarter of fiscal 2021. Non-GAAP operating loss in the third quarter was ($3.2) million compared to ($2.7) million in the third quarter of fiscal 2021.
• Net Loss Attributable to nCino: GAAP net loss attributable to nCino in the third quarter was ($13.6) million compared to ($9.1) million in the third quarter of fiscal 2021. Non-GAAP net loss attributable to nCino in the third quarter was ($4.1) million compared to ($3.0) million in the third quarter of fiscal 2021.
• Net Loss Attributable to nCino per Share: GAAP net loss attributable to nCino in the third quarter was ($0.14) per share compared to ($0.10) per share in the third quarter of fiscal 2021. Non-GAAP net loss attributable to nCino in the third quarter was ($0.04) per share compared to ($0.03) per share in the third quarter of fiscal 2021.
• Remaining Performance Obligation: Total Remaining Performance Obligation as of October 31, 2021 was $718 million, an increase of 58% compared to the third quarter of fiscal 2021.
• Cash: Cash and cash equivalents were $381 million as of October 31, 2021.

Recent Business Highlights

• Signed Kiraboshi Bank, the Company’s first customer in Japan. With assets of more than $53 billion USD, Tokyo-based Kiraboshi will use the nCino platform for its Business Financing division.
• Expanded the relationship with a top 50 U.S. bank whose initial use case was PPP. With assets greater than $50 billion, this bank will now use nCino across its end-to-end commercial and small business lending.
• Signed a new enterprise bank in New Zealand, a new bank in the UK and numerous new community and regional banks across the U.S.    
• Took a record number of customers live across geographies, solutions and asset classes, including Truist Bank, the 6^th largest bank in the U.S., with more than 2,500 legacy BB&T employees now using the nCino Bank Operating System^®.
• Named a Best-In-Class vendor by Aite Group for the Company’s Commercial Banking Solution, becoming the only technology vendor to ever achieve this recognition three consecutive times.
• Signed a definitive agreement on November 16, 2021 to acquire SimpleNexus in a stock and cash transaction valued at approximately $1.2 billion.  

Financial Outlook
nCino is providing guidance for its fourth quarter ending January 31, 2022 as follows:

• Total revenues between $68.5 million and $69.5 million
• Subscription revenues between $57 million and $58 million
• Non-GAAP operating loss between ($8) million and ($9) million
• Non-GAAP net loss attribute to nCino per share of ($0.09) to ($0.10)

nCino is providing guidance for its fiscal year 2022 ending January 31, 2022 as follows:

• Total revenues between $267 million and $268 million
• Subscription revenues between $219 and $220 million
• Non-GAAP operating loss between ($18) million and ($19) million
• Non-GAAP net loss attributable to nCino per share of ($0.20) to ($0.21)

The foregoing guidance does not include the acquisition of SimpleNexus which is expected to close by the end of nCino’s fourth fiscal quarter, subject to receipt of regulatory approvals and other customary closing conditions.

Conference Call
nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook with the investment community. 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/eventsand-presentations.