Cover
Cover - shares | 6 Months Ended | |
Jul. 31, 2020 | Aug. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-39380 | |
Entity Registrant Name | nCino, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-4353148 | |
Entity Address, Address Line One | 6770 Parker Farm Drive | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28405 | |
City Area Code | 888 | |
Local Phone Number | 676-2466 | |
Title of 12(b) Security | Common stock, par value $0.0005 per share | |
Trading Symbol | NCNO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 91,149,949 | |
Entity Central Index Key | 0001566895 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Current Assets | ||
Cash and cash equivalents (VIE: $8,892 and $8,635 at January 31, 2020 and July 31, 2020, respectively) | $ 388,191 | $ 91,184 |
Accounts receivable, less allowance for doubtful accounts of $0 and $622 at January 31, 2020 and July 31, 2020, respectively | 30,228 | 34,205 |
Accounts receivable, related parties | 0 | 9,201 |
Costs capitalized to obtain revenue contracts, current portion, net | 4,007 | 3,608 |
Prepaid expenses and other current assets | 7,152 | 7,079 |
Total current assets | 429,578 | 145,277 |
Property and equipment, net | 14,591 | 13,477 |
Costs capitalized to obtain revenue contracts, noncurrent, net | 7,817 | 7,000 |
Goodwill | 56,527 | 55,840 |
Intangible assets, net | 24,636 | 26,093 |
Other long-term assets | 650 | 2,464 |
Total assets | 533,799 | 250,151 |
Current Liabilities | ||
Accounts payable | 2,188 | 1,258 |
Accounts payable, related parties | 4,018 | 3,408 |
Accrued commissions | 4,701 | 7,862 |
Other accrued expenses | 4,820 | 4,922 |
Deferred rent, current portion | 208 | 183 |
Deferred revenue, current portion | 84,288 | 50,929 |
Total current liabilities | 100,223 | 76,575 |
Deferred income taxes, noncurrent | 234 | 194 |
Deferred rent, noncurrent | 1,468 | 1,558 |
Other long-term liabilities | 0 | 195 |
Total liabilities | 101,925 | 78,522 |
Commitments and Contingencies (Notes 8, 11 and 12) | ||
Redeemable non-controlling interest (Note 3) | 4,384 | 4,356 |
Stockholders’ Equity | ||
Preferred stock, $0.001 par value; 1,000,000 and 10,000,000 shares authorized as of January 31, 2020 and July 31, 2020, respectively; and none issued and outstanding as of January 31, 2020 and July 31, 2020, respectively | 0 | 0 |
Common stock, value, issued | 46 | |
Additional paid-in capital | 567,314 | 288,564 |
Accumulated other comprehensive (loss) income | 202 | (408) |
Accumulated deficit | (140,072) | (120,924) |
Stockholders' Equity Attributable to Parent, Total | 427,490 | 167,273 |
Total liabilities, redeemable non-controlling interest, and stockholders’ equity | 533,799 | 250,151 |
Affiliated Entity | ||
Current Liabilities | ||
Deferred revenue, current portion | $ 0 | 8,013 |
Voting Common Stock | ||
Stockholders’ Equity | ||
Common stock, value, issued | 38 | |
Nonvoting Common Stock | ||
Stockholders’ Equity | ||
Common stock, value, issued | $ 3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets - Non-printing - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Cash and cash equivalents (VIE: $8,892 and $8,635 at January 31, 2020 and July 31, 2020, respectively) | $ 388,191 | $ 91,184 |
Accounts receivable, less allowance for doubtful accounts of $0 and $622 at January 31, 2020 and July 31, 2020, respectively | $ 622 | $ 0 |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 |
Common stock, shares authorized (in shares) | 500,000,000 | 0 |
Common stock, shares, issued (in shares) | 91,122,356 | 0 |
Common stock, shares outstanding (in shares) | 91,122,356 | 0 |
Voting Common Stock | ||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 |
Common stock, shares authorized (in shares) | 0 | 99,708,247 |
Common stock, shares, issued (in shares) | 0 | 75,596,007 |
Common stock, shares outstanding (in shares) | 0 | 75,596,007 |
Nonvoting Common Stock | ||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 |
Common stock, shares authorized (in shares) | 0 | 10,291,753 |
Common stock, shares, issued (in shares) | 0 | 5,931,319 |
Common stock, shares outstanding (in shares) | 0 | 5,931,319 |
Variable Interest Entity, Primary Beneficiary | ||
Cash and cash equivalents (VIE: $8,892 and $8,635 at January 31, 2020 and July 31, 2020, respectively) | $ 8,635 | $ 8,892 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | ||
Revenues | |||||
Total revenues | $ 48,765 | $ 31,978 | $ 93,477 | $ 61,814 | |
Cost of Revenues | |||||
Total cost of revenues | 22,587 | 14,770 | 41,453 | 28,808 | |
Gross profit | 26,178 | 17,208 | 52,024 | 33,006 | |
Operating Expenses | |||||
Sales and marketing | [1] | 15,626 | 10,453 | 27,852 | 18,468 |
Research and development | [1] | 15,292 | 8,272 | 26,257 | 15,638 |
General and administrative | [1] | 10,953 | 6,430 | 17,879 | 10,339 |
Total operating expenses | 41,871 | 25,155 | 71,988 | 44,445 | |
Loss from operations | (15,693) | (7,947) | (19,964) | (11,439) | |
Non-operating Income (Expense) | |||||
Interest income | 55 | 265 | 211 | 583 | |
Other | 1,117 | (618) | 597 | (727) | |
Loss before income tax expense | (14,521) | (8,300) | (19,156) | (11,583) | |
Income tax expense | 203 | 202 | 400 | 338 | |
Net loss | (14,724) | (8,502) | (19,556) | (11,921) | |
Net loss attributable to redeemable non-controlling interest (Note 3) | (232) | 0 | (408) | 0 | |
Adjustment attributable to redeemable non-controlling interest (Note 3) | 154 | 0 | 267 | 0 | |
Net loss attributable to nCino, Inc. | $ (14,646) | $ (8,502) | $ (19,415) | $ (11,921) | |
Net loss per share attributable to nCino, Inc.: | |||||
Basic and diluted (in dollars per share) | $ (0.17) | $ (0.11) | $ (0.23) | $ (0.16) | |
Weighted average number of common shares outstanding: | |||||
Basic and diluted (in shares) | 84,629,777 | 76,420,098 | 83,112,132 | 76,206,900 | |
License and Service | |||||
Revenues | |||||
Total revenues | $ 39,351 | $ 23,110 | $ 74,182 | $ 44,142 | |
Cost of Revenues | |||||
Total cost of revenues | [1] | 11,920 | 7,083 | 22,019 | 13,585 |
Professional Services | |||||
Revenues | |||||
Total revenues | 9,414 | 8,868 | 19,295 | 17,672 | |
Cost of Revenues | |||||
Total cost of revenues | [1] | $ 10,667 | $ 7,687 | $ 19,434 | $ 15,223 |
[1] | 1Includes stock-based compensation expense as follows |
Consolidated Statements of Op_2
Consolidated Statements of Operations - Non-Printing - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Total stock-based compensation expense | $ 13,269 | $ 2,492 | $ 14,320 | $ 3,601 |
Sales and marketing | ||||
Total stock-based compensation expense | 3,346 | 315 | 3,661 | 607 |
Research and development | ||||
Total stock-based compensation expense | 3,031 | 305 | 3,340 | 611 |
General and administrative | ||||
Total stock-based compensation expense | 4,368 | 1,501 | 4,468 | 1,623 |
License and Service | ||||
Revenue from related parties | 0 | 2,112 | 2,439 | 3,867 |
Related party costs | 8,700 | 5,361 | 16,210 | 10,420 |
License and Service | Cost of subscription revenues | ||||
Total stock-based compensation expense | 242 | 69 | 303 | 137 |
Professional Services | Cost of subscription revenues | ||||
Total stock-based compensation expense | $ 2,282 | $ 302 | $ 2,548 | $ 623 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (14,724) | $ (8,502) | $ (19,556) | $ (11,921) |
Other comprehensive income: | ||||
Foreign currency translation | 467 | 391 | 779 | 449 |
Other comprehensive income | 467 | 391 | 779 | 449 |
Comprehensive loss | (14,257) | (8,111) | (18,777) | (11,472) |
Less comprehensive loss attributable to redeemable non-controlling interest: | ||||
Net loss attributable to redeemable non-controlling interest | (232) | 0 | (408) | 0 |
Foreign currency translation attributable to redeemable non-controlling interest | 78 | 0 | 169 | 0 |
Comprehensive loss attributable to redeemable non-controlling interest | (154) | 0 | (239) | 0 |
Comprehensive loss attributable to nCino, Inc. | $ (14,103) | $ (8,111) | $ (18,538) | $ (11,472) |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Voting Common Stock | Common Stock | Common StockVoting Common Stock | Common StockNonvoting Common Stock | Additional Paid-in Capital | Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Balance, beginning of year (in shares) at Jan. 31, 2019 | 70,186,189 | 5,701,435 | ||||||||
Balance, beginning of year at Jan. 31, 2019 | $ 66,036 | $ 11,422 | $ 35 | $ 3 | $ 170,771 | $ (21) | $ (104,752) | $ 11,422 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock issuance related to business combinations (in shares) | 1,438,805 | |||||||||
Stock issuance related to business combinations | 23,812 | $ 1 | 23,811 | |||||||
Exercise of stock options (in shares) | 188,101 | |||||||||
Exercise of stock options | 537 | 537 | ||||||||
Stock-based compensation | 3,601 | 3,601 | ||||||||
Other comprehensive income | 449 | 449 | ||||||||
Net loss | (11,921) | (11,921) | ||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (11,921) | |||||||||
Balance, end of year (in shares) at Jul. 31, 2019 | 71,813,095 | 5,701,435 | ||||||||
Balance, end of year at Jul. 31, 2019 | 93,936 | $ 36 | $ 3 | 198,720 | 428 | (105,251) | ||||
Balance, beginning of year (in shares) at Apr. 30, 2019 | 70,318,021 | 5,701,435 | ||||||||
Balance, beginning of year at Apr. 30, 2019 | 75,478 | $ 35 | $ 3 | 172,152 | 37 | (96,749) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Stock issuance related to business combinations (in shares) | 1,438,805 | |||||||||
Stock issuance related to business combinations | 23,812 | $ 1 | 23,811 | 0 | ||||||
Exercise of stock options (in shares) | 56,269 | |||||||||
Exercise of stock options | 265 | 265 | ||||||||
Stock-based compensation | 2,492 | 2,492 | ||||||||
Other comprehensive income | 391 | 391 | ||||||||
Net loss | (8,502) | (8,502) | ||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (8,502) | |||||||||
Balance, end of year (in shares) at Jul. 31, 2019 | 71,813,095 | 5,701,435 | ||||||||
Balance, end of year at Jul. 31, 2019 | 93,936 | $ 36 | $ 3 | 198,720 | 428 | (105,251) | ||||
Balance, beginning of year (in shares) at Jan. 31, 2020 | 0 | 75,596,007 | 5,931,319 | |||||||
Balance, beginning of year at Jan. 31, 2020 | 167,273 | $ 0 | $ 38 | $ 3 | 288,564 | (408) | (120,924) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares) | 9,269,000 | |||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 268,375 | $ 5 | 268,370 | |||||||
Costs in connection with initial public offering | $ (4,534) | (4,534) | ||||||||
Exercise of stock options (in shares) | 326,030 | 500 | 325,530 | |||||||
Exercise of stock options | $ 861 | 861 | ||||||||
Reclassification of voting and non-voting common stock (in shares) | 81,852,856 | (75,921,537) | (5,931,319) | |||||||
Reclassification of voting and non-voting common stock | $ 41 | $ (38) | $ (3) | |||||||
Stock-based compensation | 14,320 | 14,320 | ||||||||
Other comprehensive income | 610 | 610 | ||||||||
Net loss | (19,556) | |||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (19,415) | (267) | (19,148) | |||||||
Balance, end of year (in shares) at Jul. 31, 2020 | 91,122,356 | 0 | 0 | |||||||
Balance, end of year at Jul. 31, 2020 | 427,490 | $ 46 | $ 0 | $ 0 | 567,314 | 202 | (140,072) | |||
Balance, beginning of year (in shares) at Apr. 30, 2020 | 0 | 75,651,808 | 5,931,319 | |||||||
Balance, beginning of year at Apr. 30, 2020 | 163,898 | $ 0 | $ 38 | $ 3 | 289,624 | (187) | (125,580) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares) | 9,269,000 | |||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 268,375 | $ 5 | 268,370 | |||||||
Costs in connection with initial public offering | (4,534) | (4,534) | ||||||||
Exercise of stock options (in shares) | 500 | 269,729 | ||||||||
Exercise of stock options | 739 | 739 | ||||||||
Reclassification of voting and non-voting common stock (in shares) | 81,852,856 | (75,921,537) | (5,931,319) | |||||||
Reclassification of voting and non-voting common stock | $ 41 | $ (38) | $ (3) | |||||||
Stock-based compensation | 13,269 | 13,269 | ||||||||
Other comprehensive income | 389 | 389 | ||||||||
Net loss | (14,724) | |||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (14,646) | (154) | (14,492) | |||||||
Balance, end of year (in shares) at Jul. 31, 2020 | 91,122,356 | 0 | 0 | |||||||
Balance, end of year at Jul. 31, 2020 | $ 427,490 | $ 46 | $ 0 | $ 0 | $ 567,314 | $ 202 | $ (140,072) |
Unaudited Statement of Cash Flo
Unaudited Statement of Cash Flows (Statement) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Cash Flows from Operating Activities | ||
Net loss attributable to nCino, Inc. | $ (19,415) | $ (11,921) |
Net loss and adjustment attributable to redeemable non-controlling interest | (141) | 0 |
Net loss | (19,556) | (11,921) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 3,500 | 1,451 |
Amortization of costs capitalized to obtain revenue contracts | 2,430 | 1,532 |
Stock-based compensation | 14,320 | 3,601 |
Deferred income taxes | 40 | 76 |
Charged to (recovery of) bad debt expense | 619 | (105) |
Change in operating assets and liabilities: | ||
Accounts receivable | 3,365 | 38 |
Accounts receivable, related parties | 9,201 | 4,178 |
Costs capitalized to obtain revenue contracts | (3,615) | (1,836) |
Prepaid expenses and other assets | (13) | (131) |
Accounts payable and accrued expenses and other liabilities | (4,115) | (2,085) |
Accounts payable, related parties | 620 | 453 |
Deferred rent | (65) | 1,066 |
Deferred revenues | 33,188 | 18,173 |
Deferred revenues, related parties | (8,013) | (3,783) |
Net cash provided by operating activities | 31,906 | 10,707 |
Cash Flows from Investing Activities | ||
Acquisition of business, net of cash acquired | 0 | (48,219) |
Purchases of property and equipment | (2,936) | (2,624) |
Net cash used in investing activities | (2,936) | (50,843) |
Cash Flows from Financing Activities | ||
Proceeds from initial public offering, net of underwriting discounts and commissions | 268,375 | 0 |
Payments of costs related to initial public offering | (1,345) | 0 |
Exercise of stock options | 861 | 537 |
Net cash provided by financing activities | 267,891 | 537 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 146 | 534 |
Net (decrease) increase in cash and cash equivalents | 297,007 | (39,065) |
Cash and Cash Equivalents, beginning of period | 91,184 | 74,347 |
Cash and Cash Equivalents, end of period | 388,191 | 35,282 |
Supplemental disclosure of cash flow information | ||
Cash paid during the year for taxes, net of refunds | 236 | 289 |
Supplemental disclosure of noncash investing and financing activities | ||
Purchase of property and equipment, accrued but not paid | 86 | 138 |
Fair value of common stock issued as consideration for business acquisition | 0 | 23,812 |
Costs related to initial public offering, accrued but not paid | 1,420 | 0 |
Costs related to initial public offering, reclassified from other long term assets to equity | $ 1,769 | $ 0 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jul. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Description of Business: nCino, Inc. is a software-as-a-service (SaaS) company that provides software applications to financial institutions to streamline employee and client interactions. The Company is headquartered in Wilmington, North Carolina and has offices in Salt Lake City, Utah; London, United Kingdom; Sydney, Australia; Melbourne, Australia; Toronto, Canada; and Tokyo, Japan. Initial Public Offering: On July 13, 2020, the Company's Registration Statement on Form S-1 relating to the initial public offering ("IPO") of its common stock was declared effective by the Securities and Exchange Commission ("SEC"). Prior to the closing of the IPO, the Company's certificate of incorporation was amended such that all outstanding shares of voting common stock and non-voting common stock were reclassified into a single class of stock designated as common stock which has one vote per share. In addition, effective upon the closing of the IPO, the Company's certificate of incorporation was amended and restated such that the total number of shares of common stock authorized to issue, par value $0.0005, was increased to 500,000,000 shares and the total number of shares of preferred stock, par value $0.001, was increased to 10,000,000 shares. In connection with the IPO, the Company issued and sold 9,269,000 shares of common stock (including shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares) at a public offering price of $31.00 per share for net proceeds of $268.4 million, after deducting underwriters' discounts and commissions (excluding other IPO costs as of July 31, 2020). Prior to the IPO, deferred offering costs, which consist of legal, accounting, consulting and other direct fees and costs relating to the IPO, were capitalized in other long-term assets. Upon consummation of the IPO, these costs were offset against the proceeds from the IPO and recorded in additional paid-in capital. Fiscal Year End: The Company’s fiscal year ends on January 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included for the Company’s audited January 31, 2020 consolidated financial statements contained in the Company's final prospectus for its IPO dated as of July 13, 2020 and filed with the SEC pursuant to Rule 424(b)(4) on July 14, 2020. The unaudited condensed consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries, as well as a variable interest entity in which the Company is the primary beneficiary. All intercompany accounts and transactions are eliminated. Refer to the variable interest entity section below and Note 3 for additional information regarding the Company’s variable interest entity. The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2021 or any future period. Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity or VIE. nCino K.K. is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity investment, the Company has not provided financial or other support to nCino K.K. that it was not contractually obligated to provide. The assets of the VIE can only be used to settle the obligations of the VIE and the creditors of the VIE do not have recourse to the Company. The assets and liabilities of the VIE were not significant to the Company’s consolidated financial statements except for cash which is reflected on the unaudited condensed consolidated balance sheets. Refer to Note 3 for additional information regarding the Company’s variable interest. Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either (i) at the option of the minority investors or (ii) at the option of the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the unaudited condensed consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.” Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, stand-alone selling price, and other revenue items requiring significant judgement; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; fair value of contingent consideration; the useful lives of intangible assets; the valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates. Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2020 and July 31, 2020. The Company maintains its cash and cash equivalents with high-credit-quality financial institutions. As of January 31, 2020, two customers represented 22% of accounts receivable, 11% of which was from a customer who is an equity holder. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. As of July 31, 2020, one customer represented 12% of accounts receivable. For the three and six months ended July 31, 2019 and 2020, no individual customer represented more than 10% of the Company’s total revenues. Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. We recognize a contract asset in the form of accounts receivable when we have an unconditional right to payment, and we record a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for professional services performed but not yet billed and (ii) revenues recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. Accounts receivable are reported at their gross outstanding balance reduced by an allowance for estimated receivable losses. The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable and current market and economic conditions. A summary of activity in the allowance for doubtful accounts is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 167 $ 123 $ — Charged to (recovery of) bad debt expense — 452 (105) 619 Write off of uncollectible accounts — — (18) — Translation adjustments — 3 — 3 Balance, end of period $ — $ 622 $ — $ 622 Recently Adopted Accounting Guidance: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, and early adoption is permitted. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The Company prospectively adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities , which addresses the cost and complexity of financial reporting associated with consolidation of variable interest entities (“VIE”). ASU 2018-17 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The new guidance must be applied on a retrospective basis as a cumulative-effect adjustment as of the date of adoption. The adoption of this standard did not impact the Company’s unaudited condensed consolidated financial statements or related disclosures upon adoption, because the Company did not, and currently does not, have any indirect interests through related parties under common control for which it receives decision-making fees. Recent Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard will affect all entities that lease assets and will require lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of less than one year) as of the date on which the lessor makes the underlying asset available to the lessee. For lessors, accounting for leases is substantially the same as in prior periods. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments , which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements. In December 2019, the FASB issued ASU 2019-12, I ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s financial statements. |
Variable Interest Entity and Re
Variable Interest Entity and Redeemable Non-Controlling Interest | 6 Months Ended |
Jul. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Variable Interest Entity and Redeemable Non-Controlling Interest | Variable Interest Entity and Redeemable Non-Controlling Interest In October 2019, the Company entered into an agreement with Japan Cloud Computing, L.P. and M30 LLC (collectively, the “Investors”) to engage in 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. As of July 31, 2020, 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 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 and the balance is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interests’ share of earnings, or its estimated redemption value. The resulting changes in the estimated redemption amount are recorded within retained earnings or, in the absence of retained earnings, additional paid-in capital. The estimated redemption value of the call/put option embedded in the redeemable non-controlling interest was $0.3 million at July 31, 2020. The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 4,384 $ — $ 4,356 Net loss attributable to redeemable non-controlling interest — (232) — (408) Foreign currency translation — 78 — 169 Adjustment to redeemable non-controlling interest — 154 — 267 Balance, end of period $ — $ 4,384 $ — $ 4,384 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2. Significant other inputs that are directly or indirectly observable in the marketplace. Level 3. Significant unobservable inputs which are supported by little or no market activity. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value as of January 31, 2020 and July 31, 2020 because of the relatively short duration of these instruments. The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2020 and July 31, 2020 and indicates the fair value hierarchy of the valuation: Fair value measurements on a recurring basis as of January 31, 2020 Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 67,119 $ — $ — Total assets $ 67,119 $ — $ — Liabilities: Contingent consideration (included in other long-term liabilities) $ — $ — $ 195 Total liabilities $ — $ — $ 195 Fair value measurements on a recurring basis as of July 31, 2020 Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 353,857 $ — $ — Total assets $ 353,857 $ — $ — Liabilities: Contingent consideration (included in other accrued expenses) $ — $ — $ 209 Total liabilities $ — $ — $ 209 All of the Company’s money market accounts are classified within Level 1 because the Company’s money market accounts are valued using quoted market prices in active exchange markets including identical assets. The Company added contingent consideration, a Level 3 measurement, on October 18, 2019 with the acquisition of FinSuite Pty Ltd. Changes in fair value of the contingent consideration are recorded in the unaudited condensed consolidated statements of operations within other income. The Company’s contingent consideration is valued using a probability weighted discounted cash flow analysis. A reconciliation of the balance for contingent consideration obligations for the three and six months ended July 31, 2020 is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 190 $ — $ 195 Acquisitions — — — — Change in fair value — — — — Translation adjustments — 19 — 14 Balance, end of period $ — $ 209 $ — $ 209 |
Revenues
Revenues | 6 Months Ended |
Jul. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues Revenues by Geographic Area Revenues by geographic region were as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 United States $ 29,653 $ 44,049 $ 57,332 $ 84,520 International $ 2,325 $ 4,716 $ 4,482 $ 8,957 $ 31,978 $ 48,765 $ 61,814 $ 93,477 Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. No country outside the United States represented 10% or more of total revenues. Contract Amounts Accounts Receivable Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2020 and July 31, 2020: As of January 31, As of July 31, Trade accounts receivable $ 32,686 $ 29,082 Unbilled accounts receivable 1,425 1,321 Allowance for doubtful accounts — (622) Other accounts receivable 94 447 Total accounts receivable, net $ 34,205 $ 30,228 Deferred Revenue and Remaining Performance Obligation Significant movements in the deferred revenue balance during the period consisted of increases due to payments received prior to transfer of control of the underlying performance obligations to the customer, which were offset by decreases due to revenues recognized in the period. During the six months ended July 31, 2020, $43.1 million of revenues were recognized that were included in the balance of deferred revenue as of January 31, 2020. Transaction price allocated to remaining performance obligations represents contracted revenues that have not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenues in future periods. Transaction price allocated to the remaining performance obligation is influenced by several factors, including the timing of renewals, average contract terms and foreign currency exchange rates. The Company applies practical expedients to exclude amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights, and any estimated amounts of variable consideration that are subject to constraint. Remaining performance obligations were $455.7 million as of July 31, 2020. The Company expects to recognize 66% of its remaining performance obligation as revenues in the next 24 months, 30% more in the following 25 to 48 months, and the remainder thereafter. |
Business Combinations
Business Combinations | 6 Months Ended |
Jul. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Visible Equity, LLC On July 8, 2019, the Company acquired all outstanding membership interests of Visible Equity, LLC (“Visible Equity”) which provides financial analytics, portfolio management and compliance solutions to banks and credit unions. The Company acquired Visible Equity for its product offerings and the domain expertise of its employees. Visible Equity is headquartered in Salt Lake City, Utah. The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to members $ 49,428 Voting common stock issued (1,438,805 shares) 23,812 Total consideration $ 73,240 The transaction was accounted for using the acquisition method and, as a result, assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The measurement period ended one year from the acquisition date. Finsuite Pty Ltd On October 18, 2019, the Company, through its wholly-owned subsidiary, nCino APAC Pty Ltd, acquired all of the outstanding shares of FinSuite Pty Ltd (“FinSuite”). The Company acquired FinSuite to enhance the Company’s data recognition capabilities, including of complex, unstructured data. FinSuite is headquartered in Melbourne, Australia. The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to shareholders $ 3,928 Cash consideration to settle debt 137 Voting common stock issued (63,967 shares) 1,392 Contingent consideration - cash payment 197 Contingent consideration - voting common stock 5,857 Total consideration $ 11,511 The transaction was accounted for using the acquisition method and, as a result, assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The measurement period will end one year from the acquisition date. Contingent consideration includes two tranches of earn-out arrangements based upon the attainment of post-acquisition product development milestones. The first tranche includes an earn-out opportunity of $0.1 million of cash and the issuance of 142,846 shares of voting common stock (together, the “Initial Tranche Earn-Out”). The Initial Tranche Earn-Out is conditioned upon the development of a stated product in accordance with mutually agreed upon functional requirements within a certain period from the date of acquisition. The second tranche includes an earn-out opportunity of $0.1 million of cash and the issuance of 142,846 shares of voting common stock (together, the “Final Tranche Earn-Out”). The Final Tranche Earn-Out is conditioned upon a customer’s use of the stated product in a production environment according to the mutually agreed upon functional requirements within a certain period from the date of acquisition. The Final Tranche Earn-Out is not conditioned upon the achievement of the Initial Tranche Earn-Out. The cash portion of the contingent consideration of $0.2 million is included in other long-term liabilities and other accrued expenses in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2020 and July 31, 2020, respectively. The share portion of the contingent consideration was recorded as of the acquisition date and is reflected as a component of stockholders’ equity in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2020 and July 31, 2020. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jul. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets Intangible assets, net are as follows: As of January 31, 2020 As of July 31, 2020 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Acquired developed technology $ 6,008 $ (695) $ 5,313 $ 6,172 $ (1,477) $ 4,695 Customer relationships 21,706 (937) 20,769 21,714 (1,773) 19,941 Trademarks 125 (114) 11 127 (127) — $ 27,839 $ (1,746) $ 26,093 $ 28,013 $ (3,377) $ 24,636 The Company recognized amortization expense as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Cost of revenues $ 60 $ 378 $ 60 $ 747 Sales and marketing 105 418 105 835 General and administrative 12 — 12 10 Total amortization expense $ 177 $ 796 $ 177 $ 1,592 The expected future amortization expense for intangible assets as of July 31, 2020 is as follows: Fiscal Year Ending January 31, 2021 (remaining) 1,606 2022 3,212 2023 3,212 2024 2,511 2025 1,670 Thereafter 12,425 $ 24,636 The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, future changes to expected asset lives of intangible assets and other events. Goodwill The carrying amount of goodwill was $55.8 million and $56.5 million as of January 31, 2020 and July 31, 2020, respectively. The change in goodwill is due to translation adjustments and was $0.0 million and $0.9 million for the three months ended July 31, 2019 and 2020, respectively, and $0.0 million and $0.7 million for the six months ended July 31, 2019 and 2020, respectively. |
Reseller Agreement
Reseller Agreement | 6 Months Ended |
Jul. 31, 2020 | |
Related Party Transactions [Abstract] | |
Reseller Agreement | Reseller AgreementThe Company has a reseller agreement in place with a related party to utilize their platform and to develop the Company’s cloud-based banking software as an application within the related party’s hosted environment. In June 2020, this agreement was renegotiated and expires in June 2027 and will automatically renew in annual increments thereafter unless either party gives notice of non-renewal before the end of the initial term or the respective renewal term. Cost of subscription revenues in each of the three and six months ended July 31, 2019 and 2020 substantially consists of fees paid for access to the related party’s platform, including their hosting infrastructure and data center operations. The Company has recorded expenses of $5.4 million and $8.7 million for the three months ended July 31, 2019 and 2020, respectively and $10.4 million and $16.2 million for the six months ended July 31, 2019 and 2020, respectively. See also Note 12. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jul. 31, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ EquityPursuant to the fourth certificate of amendment to the Company's third amended and restated certificate of incorporation dated July 6, 2020, each share of voting and non-voting common stock issued and outstanding prior to the effectiveness was reclassified into a single class of stock designated as common stock which has one vote per share. Subsequent to the effectiveness of the Company's amended and restated certificate of incorporation, the Company's common stock consists of 500,000,000 authorized shares, par value $0.0005 per share and the Company's preferred stock consists of 10,000,000 authorized shares, par value $0.001 per share. At July 31, 2020, the Company committed a total of 24,785,528 shares of common stock for future issuance as follows: Issued and outstanding stock options 7,464,094 Nonvested issued and outstanding restricted stock units ("RSUs") 2,041,093 Possible issuance under stock plans 15,280,341 24,785,528 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plans The Company has stock-based compensation plans that provide for the award of equity incentives, including stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based award and other stock-based awards. As of July 31, 2020, the Company had stock options outstanding under the 2014 Stock Plan ("2014 Plan") and the 2019 Equity Incentive Plan had stock options and RSUs outstanding. As of July 31, 2020, the Company also has an employee stock purchase plan. In connection with the IPO, the Board of Directors adopted and stockholders approved an amended and restated 2019 Equity Incentive Plan ("2019 Plan") to, among other things as defined in the 2019 Plan document, increase the available shares under the Plan to 15,250,000, plus an annual increase added on the first day of each fiscal year, beginning with the fiscal year ending January 31, 2022, and continuing until, and including, the fiscal year ending January 31, 2031. The annual increase will be equal to the lesser of (i) 5% of the number of shares issued and outstanding as of January 31 of the immediately preceding fiscal year and (ii) an amount determined by the Company's Board of Directors. The Company ceased granting awards under the 2014 Plan during the fiscal year ended January 31, 2020, and all shares that remained available for issuance under the 2014 Plan were transferred to the 2019 Plan prior to the closing of the IPO. Additionally, the number of shares available under the 2019 Plan shall be increased by the number of shares outstanding under the 2014 Plan that expire, terminate or are canceled without having been exercised or settled in full. Stock Options Stock option activity during the six months ended July 31, 2020 was as follows: Number of Weighted Outstanding, January 31, 2020 7,837,023 $ 5.39 Granted — — Expired or forfeited (46,899) 10.87 Exercised (326,030) 2.64 Outstanding, July 31, 2020 7,464,094 $ 5.48 Exercisable, July 31, 2020 5,542,247 $ 4.07 Fully vested or expected to vest, July 31, 2020 6,717,685 $ 5.48 As of July 31, 2020, there was $5.5 million of total unrecognized compensation expense related to unvested stock-based compensation arrangements under the 2014 and 2019 Plans. That cost is expected to be recognized over a weighted average period of 1.53 years. Restricted Stock Units Restricted stock unit (“RSU”) activity during the six months ended July 31, 2020 was as follows: Number of Weighted Average Nonvested, January 31, 2020 948,119 $ 21.75 Granted 1,120,054 20.07 Vested 1 (17,500) 20.00 Forfeited (9,580) 21.53 Nonvested, July 31, 2020 2,041,093 $ 20.84 1 Includes 17,500 RSUs that were not issued and outstanding as of July 31, 2020. The RSUs granted prior to the IPO vest upon the satisfaction of both a service-based, generally over 4 years, vesting 25% annually, and liquidity event-based vesting condition. For RSUs granted to the non-employee members of the Board of Directors, some vest in less than a year, some annually and some over three years. The liquidity event-based condition was satisfied upon the completion of the IPO and the Company recognized an expense of $12.2 million in cost of revenues and operating expenses for RSUs as of that date, using the accelerated attribution recognition method. As of July 31, 2020, total unrecognized compensation expense related to non-vested RSUs was $30.7 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. The weighted-average period to be recognized is 3.52 years. Employee Stock Purchase Plan In July 2020, the Board of Directors adopted and stockholders approved the Employee Stock Purchase Plan (the "ESPP"), which became effective immediately prior to the closing of the IPO. The ESPP includes two components, one component is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code (the "Code) and a component that does not qualify as an "employee stock purchase plan" under Section 423 of the Code. The ESPP initially reserved and authorized the issuance of up to a total of 1,800,000 shares of common stock to participating employees. The aggregate number of shares of the Company's common stock under the ESPP will automatically increase on the first day of each fiscal year, beginning with the first fiscal year ending January 31, 2022 and continuing until the fiscal year ended January 31, 2031, by an amount equal to the lesser of (i) 1% of the shares of the Company's common stock issued and outstanding on January 31 of the immediately preceding fiscal year, (ii) 1,800,000 shares of the Company's common stock or (iii) an amount determined by the Board of Directors. As of July 31, 2020, 1,800,000 shares of common stock remain available for grant under the ESPP. The ESPP permits employees to purchase the Company's common stock through payroll deductions during six month offerings. The offering periods begin each January 1 and July 1, or such other period determined by the compensation committee. Eligible employees will purchase the shares at a price per share equal to the lesser of (i) 85% of the fair market value of a share of the Company's common stock on the first business day of such offering period and (ii) 85% of the fair market value of share of the Company's common stock on the last business day of such offering period, although the compensation committee has discretion to change the purchase price with respect to future offering periods, subject to terms of the ESPP. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jul. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases its facilities and a portion of its equipment and licenses under various non-cancellable agreements, which expire at various times through July 2028 and require various minimum annual rentals. The Company’s agreements for the facilities and certain services provide the Company with the option to renew. The Company’s future contractual obligations would change if the Company exercised these options. The terms of the lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Total lease expense amounted to $2.1 million and $2.7 million for the three months ended July 31, 2019 and 2020, respectively and $3.9 million and $5.4 million for the six months ended July 31, 2019 and 2020, respectively. Indemnification In the ordinary course of business, the Company generally includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any material liabilities related to such obligations in the accompanying unaudited condensed consolidated financial statements. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jul. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions The Company’s main vendor is also an equity holder in the Company. Total payments related to the agreement with the related party are disclosed in Note 8. The Company also purchases services from this related party to assist in managing its own sales cycle, customer relationship management, and other business functions. The Company signed a three-year, non-cancellable agreement with the related party in December 2015 for the purchase of services and renewed in December 2018 for an additional two years. Total payments to the related party for these services recorded to expenses were $0.3 million and $0.3 million for the three months ended July 31, 2019 and 2020, respectively, and $0.5 million and $0.6 million for the six months ended July 31, 2019 and 2020, respectively and $1.1 million and $0.5 million were in prepaid expenses and other current assets as of January 31, 2020 and July 31, 2020, respectively. Accounts payable to the related party were $3.3 million and $4.0 million at January 31, 2020 and July 31, 2020, respectively, included in accounts payable, related parties. In the quarter ended July 31, 2020 certain equity holders no longer qualified as a related party of the Company and the amounts disclosed related to them are presented through April 30, 2020 only. Included in revenues from three equity holders, who are also customers of the Company, are $2.1 million and $0.0 million for the three months ended July 31, 2019 and 2020, respectively, and $4.3 million and $2.8 million for the six months ended July 31, 2019 and 2020, respectively. Deferred revenue, current portion, related parties was $8.0 million and $0.0 million as of January 31, 2020 and July 31, 2020, respectively. Accounts receivable, related parties was $9.2 million and $0.0 million as of January 31, 2020 and July 31, 2020, respectively. The Company has a banking relationship with one of its equity holders who was formerly considered a related party. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. Included in interest income is $0.2 million and $0.0 million for the three months ended July 31, 2019 and 2020, respectively, and $0.4 million and $0.1 million for the six months ended July 31, 2019 and 2020, respectively. The Company made an agreement with one of its equity holders in May 2016 to spend an agreed-upon amount of funds over a three-year period to further the alliance between the two companies. In July 2019, the agreement was extended for an additional three years. As of July 31, 2020, the Company was in compliance with the terms of the agreement. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. There were no amounts spent for the three months ended July 31, 2019 and 2020 and $0.02 million and $0.0 million for the six months ended July 31, 2019 and 2020, respectively. As of July 31, 2020, there was a $0.2 million obligation remaining which is expected to be fulfilled within one year. |
Basic and Diluted Loss per Shar
Basic and Diluted Loss per Share | 6 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss per Share | Basic loss per share is computed by dividing net loss attributable to nCino, Inc. by the weighted-average number of common shares outstanding for the fiscal period. Diluted loss per share is computed by giving effect to all potential weighted average dilutive common stock, including options. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. Diluted loss per share for the three months ended July 31, 2019 and 2020 and for the six months ended July 31, 2019 and 2020 is the same as the basic loss per share as there was a net loss for those periods, and inclusion of potentially issuable shares was anti-dilutive. The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended 2019 2020 2019 2020 Basic loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502) $ (14,646) $ (11,921) $ (19,415) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Basic loss per share attributable to nCino, Inc. $ (0.11) $ (0.17) $ (0.16) $ (0.23) Dilutive loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502) $ (14,646) $ (11,921) $ (19,415) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Dilutive loss per share attributable to nCino, Inc. $ (0.11) $ (0.17) $ (0.16) $ (0.23) The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive: July 31, 2019 2020 Stock options issued and outstanding 8,008,329 7,464,094 Nonvested RSUs issued and outstanding — 2,041,093 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Principles of Consolidation and Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included for the Company’s audited January 31, 2020 consolidated financial statements contained in the Company's final prospectus for its IPO dated as of July 13, 2020 and filed with the SEC pursuant to Rule 424(b)(4) on July 14, 2020. The unaudited condensed consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries, as well as a variable interest entity in which the Company is the primary beneficiary. All intercompany accounts and transactions are eliminated. Refer to the variable interest entity section below and Note 3 for additional information regarding the Company’s variable interest entity. The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2021 or any future period. |
Variable Interest Entity | Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity or VIE. nCino K.K. is considered a VIE as it has insufficient equity capital to finance its |
Redeemable Non-Controlling Interest | Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either (i) at the option of the minority investors or (ii) at the option of the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the unaudited condensed consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.” |
Use of Estimates | Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, stand-alone selling price, and other revenue items requiring significant judgement; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; fair value of contingent consideration; the useful lives of intangible assets; the valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates. |
Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2020 and July 31, 2020. The Company maintains its cash and cash equivalents with high-credit-quality financial institutions. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. We recognize a contract asset in the form of accounts receivable when we have an unconditional right to payment, and we record a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, and early adoption is permitted. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The Company prospectively adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities , which addresses the cost and complexity of financial reporting associated with consolidation of variable interest entities (“VIE”). ASU 2018-17 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The new guidance must be applied on a retrospective basis as a cumulative-effect adjustment as of the date of adoption. The adoption of this standard did not impact the Company’s unaudited condensed consolidated financial statements or related disclosures upon adoption, because the Company did not, and currently does not, have any indirect interests through related parties under common control for which it receives decision-making fees. Recent Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard will affect all entities that lease assets and will require lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of less than one year) as of the date on which the lessor makes the underlying asset available to the lessee. For lessors, accounting for leases is substantially the same as in prior periods. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments , which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements. In December 2019, the FASB issued ASU 2019-12, I ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Activity in Allowance for Doubtful Accounts | A summary of activity in the allowance for doubtful accounts is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 167 $ 123 $ — Charged to (recovery of) bad debt expense — 452 (105) 619 Write off of uncollectible accounts — — (18) — Translation adjustments — 3 — 3 Balance, end of period $ — $ 622 $ — $ 622 |
Variable Interest Entity and _2
Variable Interest Entity and Redeemable Non-Controlling Interest (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Temporary Equity | The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 4,384 $ — $ 4,356 Net loss attributable to redeemable non-controlling interest — (232) — (408) Foreign currency translation — 78 — 169 Adjustment to redeemable non-controlling interest — 154 — 267 Balance, end of period $ — $ 4,384 $ — $ 4,384 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2020 and July 31, 2020 and indicates the fair value hierarchy of the valuation: Fair value measurements on a recurring basis as of January 31, 2020 Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 67,119 $ — $ — Total assets $ 67,119 $ — $ — Liabilities: Contingent consideration (included in other long-term liabilities) $ — $ — $ 195 Total liabilities $ — $ — $ 195 Fair value measurements on a recurring basis as of July 31, 2020 Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 353,857 $ — $ — Total assets $ 353,857 $ — $ — Liabilities: Contingent consideration (included in other accrued expenses) $ — $ — $ 209 Total liabilities $ — $ — $ 209 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A reconciliation of the balance for contingent consideration obligations for the three and six months ended July 31, 2020 is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 190 $ — $ 195 Acquisitions — — — — Change in fair value — — — — Translation adjustments — 19 — 14 Balance, end of period $ — $ 209 $ — $ 209 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Geographic Region | Revenues by geographic region were as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 United States $ 29,653 $ 44,049 $ 57,332 $ 84,520 International $ 2,325 $ 4,716 $ 4,482 $ 8,957 $ 31,978 $ 48,765 $ 61,814 $ 93,477 |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2020 and July 31, 2020: As of January 31, As of July 31, Trade accounts receivable $ 32,686 $ 29,082 Unbilled accounts receivable 1,425 1,321 Allowance for doubtful accounts — (622) Other accounts receivable 94 447 Total accounts receivable, net $ 34,205 $ 30,228 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to members $ 49,428 Voting common stock issued (1,438,805 shares) 23,812 Total consideration $ 73,240 The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to shareholders $ 3,928 Cash consideration to settle debt 137 Voting common stock issued (63,967 shares) 1,392 Contingent consideration - cash payment 197 Contingent consideration - voting common stock 5,857 Total consideration $ 11,511 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | Intangible assets, net are as follows: As of January 31, 2020 As of July 31, 2020 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Acquired developed technology $ 6,008 $ (695) $ 5,313 $ 6,172 $ (1,477) $ 4,695 Customer relationships 21,706 (937) 20,769 21,714 (1,773) 19,941 Trademarks 125 (114) 11 127 (127) — $ 27,839 $ (1,746) $ 26,093 $ 28,013 $ (3,377) $ 24,636 |
Finite-lived Intangible Assets Amortization Expense | The Company recognized amortization expense as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Cost of revenues $ 60 $ 378 $ 60 $ 747 Sales and marketing 105 418 105 835 General and administrative 12 — 12 10 Total amortization expense $ 177 $ 796 $ 177 $ 1,592 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The expected future amortization expense for intangible assets as of July 31, 2020 is as follows: Fiscal Year Ending January 31, 2021 (remaining) 1,606 2022 3,212 2023 3,212 2024 2,511 2025 1,670 Thereafter 12,425 $ 24,636 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stock by Class | At July 31, 2020, the Company committed a total of 24,785,528 shares of common stock for future issuance as follows: Issued and outstanding stock options 7,464,094 Nonvested issued and outstanding restricted stock units ("RSUs") 2,041,093 Possible issuance under stock plans 15,280,341 24,785,528 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Activity | Stock option activity during the six months ended July 31, 2020 was as follows: Number of Weighted Outstanding, January 31, 2020 7,837,023 $ 5.39 Granted — — Expired or forfeited (46,899) 10.87 Exercised (326,030) 2.64 Outstanding, July 31, 2020 7,464,094 $ 5.48 Exercisable, July 31, 2020 5,542,247 $ 4.07 Fully vested or expected to vest, July 31, 2020 6,717,685 $ 5.48 |
Schedule of Nonvested Restricted Stock Units Activity | Restricted stock unit (“RSU”) activity during the six months ended July 31, 2020 was as follows: Number of Weighted Average Nonvested, January 31, 2020 948,119 $ 21.75 Granted 1,120,054 20.07 Vested 1 (17,500) 20.00 Forfeited (9,580) 21.53 Nonvested, July 31, 2020 2,041,093 $ 20.84 1 Includes 17,500 RSUs that were not issued and outstanding as of July 31, 2020. |
Basic and Diluted Loss per Sh_2
Basic and Diluted Loss per Share (Tables) | 6 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended 2019 2020 2019 2020 Basic loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502) $ (14,646) $ (11,921) $ (19,415) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Basic loss per share attributable to nCino, Inc. $ (0.11) $ (0.17) $ (0.16) $ (0.23) Dilutive loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502) $ (14,646) $ (11,921) $ (19,415) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Dilutive loss per share attributable to nCino, Inc. $ (0.11) $ (0.17) $ (0.16) $ (0.23) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive: July 31, 2019 2020 Stock options issued and outstanding 8,008,329 7,464,094 Nonvested RSUs issued and outstanding — 2,041,093 |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 13, 2020 | Jul. 31, 2020 | Jan. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | |
Common stock, shares authorized (in shares) | 500,000,000 | 0 | |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 1,000,000 | |
IPO | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, par value (in USD per share) | $ 0.0005 | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |
Initial public offering (in shares) | 9,269,000 | ||
Initial public offering price (in USD per share) | $ 31 | ||
Consideration received from IPO | $ 268,400 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Concentration of Credit Risk and Significant Customers (Details) - Accounts Receivable - Customer Concentration Risk | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Two Customers | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 22.00% | |
Equity Holder | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.00% | |
One Customer | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 12.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Uncollectible Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | $ 167 | $ 0 | $ 0 | $ 123 |
Charged to (recovery of) bad debt expense | 452 | 0 | 619 | (105) |
Write off of uncollectible accounts | 0 | 0 | 0 | (18) |
Translation adjustments | 3 | 0 | 3 | 0 |
Balance, end of period | $ 622 | $ 0 | $ 622 | $ 0 |
Variable Interest Entity and _3
Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Details) - nCino K.K - USD ($) $ in Millions | Oct. 31, 2019 | Apr. 30, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Payments to noncontrolling interests | $ 4.7 | |
Estimated redeemable noncontrolling interest redemption Value | $ 0.3 | |
nCino K.K | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by parent | 0.51% |
Variable Interest Entity and _4
Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured At Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance, beginning of period | $ 4,384 | $ 0 | $ 4,356 | $ 0 |
Net loss attributable to redeemable non-controlling interest | (232) | 0 | (408) | 0 |
Foreign currency translation | 78 | 0 | 169 | 0 |
Adjustment to redeemable non-controlling interest | 154 | 0 | 267 | 0 |
Balance, end of period | $ 4,384 | $ 0 | $ 4,384 | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Assets (Details) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Level 1 | ||
Assets: | ||
Total assets | $ 353,857 | $ 67,119 |
Liabilities: | ||
Contingent consideration (included in other long-term liabilities) | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 | Money Market Funds | ||
Assets: | ||
Money market accounts (included in cash and cash equivalents) | 353,857 | 67,119 |
Level 2 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Contingent consideration (included in other long-term liabilities) | 0 | 0 |
Total liabilities | 0 | 0 |
Level 2 | Money Market Funds | ||
Assets: | ||
Money market accounts (included in cash and cash equivalents) | 0 | 0 |
Level 3 | ||
Assets: | ||
Total assets | 0 | 0 |
Liabilities: | ||
Contingent consideration (included in other long-term liabilities) | 209 | 195 |
Total liabilities | 209 | 195 |
Level 3 | Money Market Funds | ||
Assets: | ||
Money market accounts (included in cash and cash equivalents) | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Reconciliation for Contingent Consideration Obligations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 190 | $ 0 | $ 195 | $ 0 |
Acquisitions | 0 | 0 | 0 | 0 |
Change in fair value | 0 | 0 | 0 | 0 |
Translation adjustments | 19 | 0 | 14 | 0 |
Balance, end of period | $ 209 | $ 0 | $ 209 | $ 0 |
Revenues - Revenue By Geographi
Revenues - Revenue By Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 48,765 | $ 31,978 | $ 93,477 | $ 61,814 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 44,049 | 29,653 | 84,520 | 57,332 |
International | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 4,716 | $ 2,325 | $ 8,957 | $ 4,482 |
Revenues - Accounts Receivable
Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Trade accounts receivable | $ 29,082 | $ 32,686 |
Unbilled accounts receivable | 1,321 | 1,425 |
Allowance for doubtful accounts | (622) | 0 |
Other accounts receivable | 447 | 94 |
Total accounts receivable, net | $ 30,228 | $ 34,205 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 31, 2020 | Jan. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Deferred revenue, current portion | $ 84,288 | $ 50,929 |
Remaining performance obligation amount | 455,700 | |
Contract with customer, liability, revenue recognized | $ 43,100 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation percentage | 66.00% | |
Remaining performance obligation, expected timing of satisfaction | 24 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation percentage | 30.00% | |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, expected timing of satisfaction | 25 months | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, expected timing of satisfaction | 48 months |
Business Combinations - Acquisi
Business Combinations - Acquisition of Visible Equity, LLC Consideration Transferred (Details) - Visible Equity, LLC $ in Thousands | Jul. 08, 2019USD ($)shares |
Business Acquisition [Line Items] | |
Cash consideration to members | $ 49,428 |
Stock issuance related to business combinations | 23,812 |
Total consideration | $ 73,240 |
Voting Common Stock | |
Business Acquisition [Line Items] | |
Equity interest issued or issuable, number of shares (in shares) | shares | 1,438,805 |
Business Combinations - Acqui_2
Business Combinations - Acquisition of Finsuite Pty Ltd Consideration Transferred (Details) - USD ($) $ in Thousands | Oct. 18, 2019 | Jul. 31, 2020 | Jan. 31, 2020 |
Business Acquisition [Line Items] | |||
Contingent consideration - cash payment | $ 200 | $ 200 | |
FinSuite Pty Ltd | |||
Business Acquisition [Line Items] | |||
Cash consideration to shareholders | $ 3,928 | ||
Contingent consideration | 137 | ||
Contingent consideration - cash payment | 197 | ||
Total consideration | 11,511 | ||
FinSuite Pty Ltd | Voting Common Stock | |||
Business Acquisition [Line Items] | |||
Contingent consideration | $ 5,857 | ||
Equity interest issued or issuable, number of shares (in shares) | 63,967 | ||
Stock issuance related to business combinations | $ 1,392 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Business Acquisition, Contingent Consideration [Line Items] | ||
Contingent consideration - cash payment | $ 200 | $ 200 |
First Initial Tranche Earn-Out | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Contingent consideration - cash payment | $ 100 | |
Equity interest issued or issuable, number of shares (in shares) | 142,846 | |
Second Initial Tranche Earn-Out | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Contingent consideration - cash payment | $ 100 | |
Equity interest issued or issuable, number of shares (in shares) | 142,846 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | $ 28,013 | $ 27,839 |
Accumulated Amortization | (3,377) | (1,746) |
Net Carrying Amount | 24,636 | 26,093 |
Acquired developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 6,172 | 6,008 |
Accumulated Amortization | (1,477) | (695) |
Net Carrying Amount | 4,695 | 5,313 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 21,714 | 21,706 |
Accumulated Amortization | (1,773) | (937) |
Net Carrying Amount | 19,941 | 20,769 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 127 | 125 |
Accumulated Amortization | (127) | (114) |
Net Carrying Amount | $ 0 | $ 11 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 796 | $ 177 | $ 1,592 | $ 177 |
Cost of subscription revenues | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 378 | 60 | 747 | 60 |
Sales and marketing | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 418 | 105 | 835 | 105 |
General and administrative | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 0 | $ 12 | $ 10 | $ 12 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 (remaining) | $ 1,606 | |
2022 | 3,212 | |
2023 | 3,212 | |
2024 | 2,511 | |
2025 | 1,670 | |
Thereafter | 12,425 | |
Net Carrying Amount | $ 24,636 | $ 26,093 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 56,527 | $ 56,527 | $ 55,840 | ||
Foreign currency translation gain (loss) | $ 900 | $ 0 | $ 700 | $ 0 |
Reseller Agreement - Narrative
Reseller Agreement - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Affiliated Entity | Reseller Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party costs | $ 8.7 | $ 5.4 | $ 16.2 | $ 10.4 |
Stockholders_ Equity - Narrativ
Stockholders’ Equity - Narrative (Details) - $ / shares | Jul. 31, 2020 | Jul. 13, 2020 | Jan. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred stock, shares authorized (in shares) | 10,000,000 | 1,000,000 | |
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | |
Common stock, shares authorized (in shares) | 500,000,000 | 0 | |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | |
IPO | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |
Common stock, par value (in USD per share) | $ 0.0005 | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Stockholders_ Equity - Common S
Stockholders’ Equity - Common Stock Future Issuance (Details) - shares | Jul. 31, 2020 | Jan. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issued and outstanding stock options (in shares) | 7,464,094 | 7,837,023 |
Possible issuance under stock plans (in shares) | 15,280,341 | |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issued and outstanding stock options (in shares) | 7,464,094 | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested issued and outstanding restricted stock units (in shares) | 2,041,093 | 948,119 |
Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock reserved for future issuance (in shares) | 24,785,528 | |
Common Stock reserved for future issuance (in shares) | 24,785,528 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based payment arrangement expense | $ 13,269 | $ 2,492 | $ 14,320 | $ 3,601 |
Share-based Payment Arrangement | 2019 Equity Incentive Plan | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Number of additional shares authorized (in shares) | 15,250,000 | |||
Percent increase in aggregate shares | 5.00% | |||
Stock Option | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Unrecognized compensation costs | 5,500 | $ 5,500 | ||
Unrecognized compensation costs period for recognition | 1 year 6 months 10 days | |||
Restricted Stock Units (RSUs) | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Unrecognized compensation costs | $ 30,700 | $ 30,700 | ||
Unrecognized compensation costs period for recognition | 3 years 6 months 7 days | |||
Award vesting period | 4 years | |||
Award vesting rights, percentage | 25.00% | |||
Share-based payment arrangement expense | $ 12,200 | |||
Employee Stock | Employee Stock Purchase Plan | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Percent increase in aggregate shares | 1.00% | |||
Number of shares authorized (in shares) | 1,800,000 | 1,800,000 | ||
Purchase price of common stock, percent | 85.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended |
Jul. 31, 2020 | |
Number of Shares | |
Outstanding, January 31, 2020 (in shares) | 7,837,023 |
Granted (in shares) | 0 |
Expired or forfeited (in shares) | (46,899) |
Exercised (in shares) | (326,030) |
Outstanding, July 31, 2020 (in shares) | 7,464,094 |
Exercisable, July 31, 2020 | 5,542,247 |
Fully vested or expected to vest, July 31, 2020 (in shares) | 6,717,685 |
Weighted Average Exercise Price | |
Outstanding, January 31, 2020 (in USD per share) | $ 5.39 |
Granted (in USD per share) | 0 |
Expired or forfeited (in USD per share) | 10.87 |
Exercised (in USD per share) | 2.64 |
Outstanding, July 31, 2020 (in USD per share) | 5.48 |
Exercisable, July 31, 2020 (in USD per share) | 4.07 |
Fully vested or expected to vest, July 31, 2020 (in USD per share) | $ 5.48 |
Stock-Based Compensation - RSUs
Stock-Based Compensation - RSUs Activity (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jul. 31, 2020$ / sharesshares | |
Number of Shares | |
Nonvested, January 31, 2020 (in shares) | shares | 948,119 |
Granted (in shares) | shares | 1,120,054 |
Vested (in shares) | shares | (17,500) |
Forfeited (in shares) | shares | (9,580) |
Nonvested, July 31, 2020 (in shares) | shares | 2,041,093 |
Weighted Average Grant Date Fair Value | |
Nonvested, January 31, 2020 (in USD per share) | $ / shares | $ 21.75 |
Granted (in USD per share) | $ / shares | 20.07 |
Vested (in USD per share) | $ / shares | 20 |
Forfeited (in USD per share) | $ / shares | 21.53 |
Nonvested, July 31, 2020 (in USD per share) | $ / shares | $ 20.84 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Lease expense | $ 2.7 | $ 2.1 | $ 5.4 | $ 3.9 |
Related-Party Transactions (Det
Related-Party Transactions (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2020USD ($)equityHolder | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($)equityHolder | Jul. 31, 2019USD ($) | Jan. 31, 2020USD ($) | |
Related Party Transaction [Line Items] | |||||
Related party, non-cancellable agreement, term (in years) | 3 years | ||||
Related party, non-cancellable agreement, renewal term (in years) | 2 years | ||||
Deferred revenue, current portion | $ 84,288 | $ 84,288 | $ 50,929 | ||
Accounts receivable, related parties | 0 | $ 0 | 9,200 | ||
Fund Spending Agreement | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, term of agreement (in years) | 3 years | ||||
Remaining obligation, expected fulfillment period | 1 year | ||||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Deferred revenue, current portion | 0 | $ 0 | 8,013 | ||
Affiliated Entity | Agreement For Purchase Of Service | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 300 | $ 300 | $ 600 | $ 500 | |
Affiliated Entity | Transactions With Certain Equity Holders | |||||
Related Party Transaction [Line Items] | |||||
Number of affiliated entities | equityHolder | 3 | 3 | |||
Revenue from related parties | $ 0 | 2,100 | $ 2,800 | 4,300 | |
Deferred revenue, current portion | $ 0 | $ 0 | 8,000 | ||
Affiliated Entity | Banking Relationship [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of affiliated entities | equityHolder | 1 | 1 | |||
Interest income, related party | $ 0 | $ 200 | $ 100 | 400 | |
Affiliated Entity | Fund Spending Agreement | |||||
Related Party Transaction [Line Items] | |||||
Number of affiliated entities | equityHolder | 1 | 1 | |||
Related party agreement, length of agreement (in years) | 3 years | ||||
Total amount spent for agreement | $ 0 | $ 0 | $ 20 | ||
Remaining obligation, amount | 200 | 200 | |||
Prepaid Expenses and Other Current Assets | Affiliated Entity | Agreement For Purchase Of Service | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,100 | 500 | |||
Accounts Payable | Affiliated Entity | Agreement For Purchase Of Service | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties, current | $ 4,000 | $ 4,000 | $ 3,300 |
Basic and Diluted Loss per Sh_3
Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Basic loss per share: | ||||
Net loss attributable to nCino, Inc. | $ (14,646) | $ (8,502) | $ (19,415) | $ (11,921) |
Denominator | ||||
Weighted average-common shares outstanding basic (in shares) | 84,629,777 | 76,420,098 | 83,112,132 | 76,206,900 |
Basic loss per share attributable to nCino, Inc. (in USD per share) | $ (0.17) | $ (0.11) | $ (0.23) | $ (0.16) |
Denominator | ||||
Weighted average-common shares outstanding diluted (in shares) | 84,629,777 | 76,420,098 | 83,112,132 | 76,206,900 |
Diluted loss per share attributable to nCino, Inc. (in USD per share) | $ (0.17) | $ (0.11) | $ (0.23) | $ (0.16) |
Basic and Diluted Loss per Sh_4
Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Details) - shares | 6 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 7,464,094 | 8,008,329 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 2,041,093 | 0 |