0001902733-24-000188 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Nonvested RSUs issued and outstanding	9 Months Ended
	Oct. 31, 2024 $ / shares shares
Number of Shares
Nonvested, beginning of period (in shares) \| shares	5,626,125
Granted (in shares) \| shares	3,027,506
Vested (in shares) \| shares	(1,581,387)
Forfeited (in shares) \| shares	(704,777)
Nonvested, end of period (in shares) \| shares	6,367,467
Weighted Average Grant Date Fair Value
Nonvested, beginning of period (in USD per share) \| $ / shares	$ 33.19
Granted (in USD per share) \| $ / shares	33.46
Vested (in USD per share) \| $ / shares	33.59
Forfeited (in USD per share) \| $ / shares	34.93
Nonvested, end of period (in USD per share) \| $ / shares	$ 33.08

Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Schedule Of Fair Value, Assets Measured on Recurring Basis

The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2024 and October 31, 2024 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2024
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	38,649	$	—	$	—
Time deposits (included in long-term prepaid expenses and other assets)	359		—		—
Total assets	$	39,008	$	—	$	—


	Fair value measurements on a recurring basis as of October 31, 2024
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	33,606	$	—	$	—

Time deposits (included in long-term prepaid expenses and other assets)	359		—		—
Total assets	$	33,965	$	—	$	—

Related-Party Transactions (Details) - Zest AI $ in Millions	Nov. 01, 2022 USD ($)
Related Party Transaction [Line Items]
Equity securities without readily determinable fair value, amount	$ 2.5
Ownership percentage by parent	10.00%

Stock-Based Compensation - Stock Option Valuation Assumptions (Details) - Shares issuable pursuant to the ESPP	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	6 months	6 months
Expected volatility	38.70%	61.66%
Expected volatility	38.91%	61.86%
Expected dividends	0.00%	0.00%
Risk-free interest rate	5.24%	4.77%
Risk-free interest rate	5.37%	5.53%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Revolving Credit Facility (Details) $ in Thousands	Oct. 28, 2024 USD ($)	Mar. 17, 2024 USD ($)	Oct. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)	Feb. 11, 2022 USD ($)
Line of Credit Facility [Line Items]
Financial covenants, required minimum cash					$ 5,000
Debt instrument, capital stock of foreign subsidiaries owned, percentage			65.00%
Revolving credit facility, noncurrent			$ 166,000	$ 0
Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, covenant, consolidated interest coverage ratio	3.00
Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, covenant, senior secured leverage ratio	4.00
Revolving Credit Facility \| Bank of America, NA \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					50,000
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 45,000
Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility, noncurrent				$ 0
Long-term line of credit			$ 166,000
Debt instrument, interest rate, stated percentage			6.72%
Line of credit, available borrowing capacity			$ 84,000
Letter of Credit \| Bank of America, NA \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity					$ 7,500
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250,000	$ 100,000
Line of credit facility, unused capacity, commitment fee percentage	0.25%	0.30%
Line of Credit \| Variable Rate, Case One
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%	1.3125%
Line of Credit \| Variable Rate, Case Two
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%	2.3125%
Line of Credit \| Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%	0.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%	1.00%
Line of Credit \| Base Rate \| Minimum \| Variable Rate, Case One
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.00%	0.00%
Line of Credit \| Base Rate \| Minimum \| Variable Rate, Case Two
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.00%	0.00%

Revenues (Tables)

9 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Geographic Region

Revenues by geographic region were as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
United States	$	98,526	$	109,191	$	288,287	$	316,357
International	23,416		29,606		64,563		82,930
	$	121,942	$	138,797	$	352,850	$	399,287

Schedule of Accounts Receivable And Less Allowance For Doubtful Accounts

Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2024 and October 31, 2024:


	As of January 31, 2024		As of October 31, 2024
Trade accounts receivable	$	106,170	$	48,316
Unbilled accounts receivable	7,699		16,951
Allowance for doubtful accounts	(1,451)		(1,172)
Other accounts receivable	557		918
Total accounts receivable, net	$	112,975	$	65,013

Business Combinations - Summary Of Net Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 01, 2024	Mar. 20, 2024	Jan. 31, 2024
Business Acquisition [Line Items]
Goodwill	$ 908,559			$ 838,869
DocFox
Business Acquisition [Line Items]
Cash and cash equivalents			$ 1,400
Accounts receivable			1,898
Operating lease right-of-use assets, net			405
Other current and noncurrent assets			444
Intangible assets			24,600
Goodwill			57,430
Accounts payable, accrued expenses, and other liabilities, current and noncurrent			(3,495)
Deferred revenue, current and noncurrent			(3,505)
Operating lease liabilities, current and noncurrent			(405)
Deferred income taxes			(6,407)
Net assets acquired			$ 72,365
Integrated Lending Technologies, LLC
Business Acquisition [Line Items]
Cash and cash equivalents		$ 164
Accounts receivable		343
Intangible assets		8,660
Goodwill		11,111
Accounts payable, accrued expenses, and other liabilities, current and noncurrent		(240)
Net assets acquired		$ 20,038

Stock-Based Compensation (Tables)

9 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity for the nine months ended October 31, 2024 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding, January 31, 2024	1,212,704	$	7.14
Granted	—	—
Expired or forfeited	(1,375)	12.06
Exercised	(290,917)	7.58
Outstanding, October 31, 2024	920,412	$	7.00
Exercisable, October 31, 2024	920,412	$	7.00
Fully vested or expected to vest, October 31, 2024	920,412	$	7.00

Schedule of Nonvested Restricted Stock Units Activity

RSU activity during the nine months ended October 31, 2024 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2024	5,626,125	$	33.19
Granted	3,027,506	33.46
Vested	(1,581,387)	33.59
Forfeited	(704,777)	34.93
Nonvested, October 31, 2024	6,367,467	$	33.08

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The fair value of ESPP shares during the nine months ended October 31, 2023 and 2024 was estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards:


	Nine Months Ended October 31,
	2023	2024
Expected life (in years)	0.50	0.50
Expected volatility	61.66% - 61.86%	38.70% - 38.91%
Expected dividends	0.00%	0.00%
Risk-free interest rate	4.77% - 5.53%	5.24% - 5.37%

Schedule of Share-Based Compensation Expense

Total stock-based compensation expense included in our unaudited condensed consolidated statements of operations were as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Cost of subscription revenues	$	515	$	733	$	1,314	$	2,088
Cost of professional services and other revenues	2,571		2,940		6,660		8,699
Sales and marketing	4,153		4,394		11,194		12,534
Research and development	4,386		4,208		11,665		13,720
General and administrative	4,198		5,696		11,136		15,974
Total stock-based compensation expense	$	15,823	$	17,971	$	41,969	$	53,015

Related-Party Transactions	9 Months Ended
Related-Party Transactions	Oct. 31, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions On November 1, 2022, the Company's wholly-owned subsidiary, nCino OpCo, acquired preferred shares of ZestFinance, Inc. (d/b/a ZEST AI) ("Zest AI"), a private company, for $2.5 million and is included in investments as of January 31, 2024 and October 31, 2024 on the Company's unaudited condensed consolidated balance sheets. The investment is considered a related party transaction as entities affiliated with Insight Partners, a beneficial owner of the Company, own greater than ten percent of Zest AI. On May 23, 2023, the Company announced a strategic partnership with Zest AI to build an integration into the Company's consumer banking solution to enable lenders with streamlined access to consumer credit lending insights.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Revenues - Narrative (Details) $ in Millions	9 Months Ended
Revenues - Narrative (Details) $ in Millions	Oct. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	$ 167.9
Remaining performance obligation amount	$ 1,100.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	67.00%
Remaining performance obligation, expected timing of satisfaction	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-11-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	27.00%
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-11-01
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]: 2026-11-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	48 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2019	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment by redeemable non-controlling interest	$ 1,000		$ 0	$ 983	$ 0	$ 983
nCino K.K
Schedule of Equity Method Investments [Line Items]
Payments to noncontrolling interests		$ 4,700
Consolidation, less than wholly owned subsidiary, parent ownership interest, changes, purchase of Interest by parent	$ 1,000
nCino K.K \| nCino K.K
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent	51.00%	51.00%		51.00%		51.00%

Variable Interest Entity and Redeemable Non-Controlling Interest

9 Months Ended

Oct. 31, 2024

Noncontrolling Interest [Abstract]

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 October 31, 2024, the Company controls a majority of the outstanding common stock in nCino K.K. In October 2023, the Company made a further investment in nCino K.K. of $1.0 million that, including additional investments in nCino K.K. of $1.0 million by existing third-party investors in October 2023, maintained the Company's ownership of 51%.

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.

The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Balance, beginning of period	$	2,995	$	4,133	$	3,589	$	3,428
Investment by redeemable non-controlling interest	983		—		983		—
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	(320)		(186)		(868)		(409)
Foreign currency translation	12		5		2		3
Adjustment to redeemable non-controlling interest	(478)		1,286		(526)		2,205
Stock-based compensation expense1	6		5		18		16
Balance, end of period	$	3,198	$	5,243	$	3,198	$	5,243

1 nCino K.K. stock options granted in accordance with nCino K.K.'s equity incentive plan.

Commitments and Contingencies (Tables)

9 Months Ended

Oct. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Commitments and Future Minimum Lease Payments

Purchase commitments and future minimum lease payments required under financing obligations as of October 31, 2024 is as follows:


Fiscal Year Ending January 31,	Purchase commitments		Financing obligations - leased facility
2025 (remaining)	$	20,922	$	1,143
2026	83,388		4,653
2027	81,195		3,958
2028	74,698		—
2029	1,226		—
Thereafter	357		—
Total	$	261,786	$	9,754
Residual financing obligations and assets			49,560
Less: amount representing interest			(6,076)
Financing obligations			$	53,238

Revenues

9 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Revenues by Geographic Area

Revenues by geographic region were as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
United States	$	98,526	$	109,191	$	288,287	$	316,357
International	23,416		29,606		64,563		82,930
	$	121,942	$	138,797	$	352,850	$	399,287

The Company disaggregates its revenues from contracts with customers by geographic location. 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. For the three and nine months ended October 31, 2023 and 2024, 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, 2024 and October 31, 2024:


	As of January 31, 2024		As of October 31, 2024
Trade accounts receivable	$	106,170	$	48,316
Unbilled accounts receivable	7,699		16,951
Allowance for doubtful accounts	(1,451)		(1,172)
Other accounts receivable	557		918
Total accounts receivable, net	$	112,975	$	65,013

Deferred Revenue and Remaining Performance Obligations

Significant movements in the deferred revenue balance during the period consisted of increases due to payments received or due in advance prior to the 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 nine months ended October 31, 2024, $167.9 million of revenues were recognized out of the deferred revenue balance as of January 31, 2024.

Remaining performance obligations were $1.10 billion as of October 31, 2024. The Company expects to recognize approximately 67% of its remaining performance obligation as revenues in the next 24 months, approximately 27% more in the following 25 to 48 months, and the remainder thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basic and Diluted Loss per Share (Tables)

9 Months Ended

Oct. 31, 2024

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 October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Basic and diluted loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(16,379)	$	(5,252)	$	(43,506)	$	(19,268)
Denominator
Weighted-average common shares outstanding	112,951,553		115,611,833		112,484,017		114,970,622
Basic and diluted loss per share attributable to nCino, Inc.	$	(0.15)	$	(0.05)	$	(0.39)	$	(0.17)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential outstanding common stock were excluded from the diluted loss per share computation because the effect would have been anti-dilutive:


	Nine Months Ended October 31,
	2023	2024
Stock options issued and outstanding	1,551,058	920,412
Nonvested RSUs issued and outstanding	5,785,669	6,367,467
Shares issuable pursuant to the ESPP	61,412	77,914

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares	9 Months Ended
	Oct. 31, 2024
Number of Shares
Outstanding, beginning of period (in shares)	1,212,704
Granted (in shares)	0
Expired or forfeited (in shares)	(1,375)
Exercised (in shares)	(290,917)
Outstanding, end of period (in shares)	920,412
Exercisable, end of period (in shares)	920,412
Fully vested or expected to vest, end of period (in shares)	920,412
Weighted Average Exercise Price
Outstanding, beginning of period (in USD per share)	$ 7.14
Granted (in USD per share)	0
Expired or forfeited (in USD per share)	12.06
Exercised (in USD per share)	7.58
Outstanding, end of period (in USD per share)	7.00
Exercisable, end of period (in USD per share)	7.00
Fully vested or expected to vest, end of period (in USD per share)	$ 7.00

Summary of Significant Accounting Policies - Summary of Uncollectible Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 1,204	$ 876	$ 1,451	$ 899
Charged to bad debt expense	0	368	25	1,124
Charged to deferred revenue	0	981	0	923
Write-offs and other	(32)	0	(304)	(721)
Translation adjustments	0	(4)	0	(4)
Balance, end of period	$ 1,172	$ 2,221	$ 1,172	$ 2,221

Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining)	$ 7,355
2026	28,896
2027	27,628
2028	13,170
2029	13,069
Thereafter	38,226
Net Carrying Amount	$ 128,344	$ 115,572

Fair Value Measurements

9 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

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, accounts payable, and accrued expenses approximate fair value as of January 31, 2024 and October 31, 2024 because of the relatively short duration of these instruments.

The carrying amount of any outstanding borrowings on the Company's revolving credit facility approximates fair value due to the variable interest rates of the borrowings.

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, 2024 and October 31, 2024 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2024
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	38,649	$	—	$	—
Time deposits (included in long-term prepaid expenses and other assets)	359		—		—
Total assets	$	39,008	$	—	$	—


	Fair value measurements on a recurring basis as of October 31, 2024
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	33,606	$	—	$	—

Time deposits (included in long-term prepaid expenses and other assets)	359		—		—
Total assets	$	33,965	$	—	$	—

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.

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company's assets measured at fair value on a non-recurring basis include the investments accounted for under the measurement alternative. There was no adjustment or impairment recognized for the three and nine months ended October 31, 2023 and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure
Net loss attributable to nCino, Inc.	$ (5,252)	$ (16,379)	$ (19,268)	$ (43,506)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Oct. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 838,869
Acquisitions	68,541
Translation adjustments	1,149
Goodwill, ending balance	$ 908,559

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenues
Total revenues	$ 138,797	$ 121,942	$ 399,287	$ 352,850
Cost of revenues
Total cost of revenues	53,745	48,025	158,856	142,260
Gross profit	85,052	73,917	240,431	210,590
Operating expenses
Sales and marketing	29,729	38,446	89,487	100,551
Research and development	33,039	29,043	97,291	87,127
General and administrative	23,108	19,334	66,046	59,239
Total operating expenses	85,876	86,823	252,824	246,917
Loss from operations	(824)	(12,906)	(12,393)	(36,327)
Non-operating income (expense)
Interest income	482	685	1,408	2,057
Interest expense	(1,653)	(854)	(4,965)	(3,277)
Other income (expense), net	432	(2,320)	(162)	(2,633)
Loss before income taxes	(1,563)	(15,395)	(16,112)	(40,180)
Income tax provision	2,589	1,782	1,360	4,720
Net loss	(4,152)	(17,177)	(17,472)	(44,900)
Net loss attributable to redeemable non-controlling interest (Note 3)	(186)	(320)	(409)	(868)
Adjustment attributable to redeemable non-controlling interest (Note 3)	1,286	(478)	2,205	(526)
Net loss attributable to nCino, Inc.	$ (5,252)	$ (16,379)	$ (19,268)	$ (43,506)
Net loss per share attributable to nCino, Inc.:
Basic (in USD per share)	$ (0.05)	$ (0.15)	$ (0.17)	$ (0.39)
Diluted (in USD per share)	$ (0.05)	$ (0.15)	$ (0.17)	$ (0.39)
Weighted average number of common shares outstanding:
Basic (in shares)	115,611,833	112,951,553	114,970,622	112,484,017
Diluted (in shares)	115,611,833	112,951,553	114,970,622	112,484,017
Subscription
Revenues
Total revenues	$ 119,894	$ 104,759	$ 344,211	$ 301,996
Cost of revenues
Total cost of revenues	33,769	30,605	98,916	89,481
Professional services and other
Revenues
Total revenues	18,903	17,183	55,076	50,854
Cost of revenues
Total cost of revenues	$ 19,976	$ 17,420	$ 59,940	$ 52,779

Summary of Significant Accounting Policies

9 Months Ended

Oct. 31, 2024

Accounting Policies [Abstract]

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 Securities Exchange Commission ("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 in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2024 filed with the SEC on March 26, 2024. 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.

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 2025 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 ("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 investments, 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. See Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" 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 at the option of the (i) minority investors or (ii) 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, and stand-alone selling price; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; the useful lives of intangible assets; income taxes and the related 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, cash equivalents, restricted cash, and accounts receivable. The Company’s cash and cash equivalents exceeded federally insured limits at January 31, 2024 and October 31, 2024. The Company maintains its cash, cash equivalents and restricted cash with high-credit-quality financial institutions.

As of January 31, 2024, no individual customer represented 10% of accounts receivable and, as of October 31, 2024, one individual customer represented 10% of accounts receivable. For the three and nine months ended October 31, 2023 and 2024, no individual customer represented more than 10% of the Company’s total revenues.

Restricted Cash: Restricted cash primarily consisted of a minimum cash balance the Company maintained with a lender under the Company's revolving credit facility at January 31, 2024. Restricted cash consists of deposits held as collateral for the Company's bank guarantees issued in place of security deposits for certain property leases and credit cards at October 31, 2024. Restricted cash is included in long-term prepaid expenses and other assets and on the unaudited condensed consolidated balance sheets.

Allowances: The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable, current market and economic conditions, and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. This estimate is analyzed quarterly and adjusted as necessary. The Company records the allowance against bad debt expense through the unaudited condensed consolidated statements of operations, included in general and administrative expenses, up to the amount of revenues recognized to date. Any incremental allowance is recorded as an offset to deferred revenue on the unaudited condensed consolidated balance sheets. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success.

A summary of activity in the allowance for doubtful accounts and reserve for expected credit losses is as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Balance, beginning of period	$	876	$	1,204	$	899	$	1,451
Charged to bad debt expense	368		—		1,124		25
Charged to deferred revenue	981		—		923		—
Write-offs and other	—		(32)		(721)		(304)
Translation adjustments	(4)		—		(4)		—
Balance, end of period	$	2,221	$	1,172	$	2,221	$	1,172

Investments: The Company's investments are non-marketable equity investments without readily determinable fair value and for which the Company does not have control or significant influence. The investments are measured at cost with adjustments for observable changes in price or impairment as permitted by the measurement alternative. The Company assesses

at each reporting period if the investments continue to qualify for the measurement alternative. Gains or losses resulting from observable price changes are recognized currently in the Company's unaudited condensed consolidated statements of operations. The Company assesses the investments whenever events or changes in circumstances indicate that the carrying value of the investments may not be recoverable.

Recent Accounting Pronouncements Not Yet Adopted: In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance includes amendments to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023 on a retrospective basis, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s unaudited condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance includes amendments to enhance existing income tax disclosure requirements, primarily related to the rate reconciliation and income taxes paid disclosures. The ASU is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply the ASU retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s unaudited condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The guidance includes amendments to require public companies to provide additional disclosure about certain costs and expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s unaudited condensed consolidated financial statements.

Cover - shares	9 Months Ended
Cover - shares	Oct. 31, 2024	Nov. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Document Transition Report	false
Entity File Number	001-41211
Entity Registrant Name	nCino, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4154342
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,793,932
Entity Central Index Key	0001902733
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Leases

9 Months Ended

Oct. 31, 2024

Leases [Abstract]

Leases

Operating Leases

The Company leases its facilities and a portion of its equipment under various non-cancellable agreements, which expire at various times through December 2033, some of which include options to extend for up to five years.

The components of lease expense were as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Operating lease expense	$	1,225	$	1,418	$	3,842	$	4,144
Variable lease expense	464		657		1,398		1,927
Short-term lease expense	94		41		328		189
Sublease income	$	—	$	(232)	$	—	$	(232)
Total lease expense	$	1,783	$	1,884	$	5,568	$	6,028

Supplemental cash flow information related to operating leases were as follows:


	Nine Months Ended October 31,
	2023		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,324	$	3,236
Operating right-of-use assets obtained in exchange for operating lease liabilities	2,142		810
Operating right-of-use assets and operating lease liabilities disposed of	115		1,947

The weighted-average remaining lease term and weighted-average discount rate for the Company's operating lease liabilities as of October 31, 2024 were 6.25 years and 6.8%, respectively.

Future minimum lease payments as of October 31, 2024 were as follows:


Fiscal Year Ending January 31,	Operating Leases
2025 (remaining)	$	1,166
2026	5,088
2027	3,307
2028	2,796
2029	1,729
Thereafter	6,564
Total lease liabilities	20,650
Less: imputed interest	(3,991)
Total lease obligations	16,659
Less: current obligations	(4,830)
Long-term lease obligations	$	11,829

Subsequent Event - Narrative (Details) - Subsequent Event - FullCircl $ in Millions	1 Months Ended
	Nov. 30, 2024 USD ($)
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 129.7
Business combination, contingent consideration, liability	$ 15.0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning of the period (in shares) at Jan. 31, 2023		111,424,132
Balance, beginning of the period at Jan. 31, 2023	$ 1,024,078	$ 56	$ 1,333,669	$ 694	$ (310,341)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		447,440
Exercise of stock options	3,176	$ 1	3,175
Stock issuance upon vesting of restricted stock units (in shares)		1,039,074
Stock issuance upon vesting of restricted stock units	0
Stock issuance under the employee stock purchase plan (in shares)		120,084
Stock issuance under the employee stock purchase plan	2,698		2,698
Stock-based compensation	41,951		41,951
Other comprehensive income	212			212
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(43,506)		526		(44,032)
Balance, ending of the period (in shares) at Oct. 31, 2023		113,030,730
Balance, ending of the period at Oct. 31, 2023	1,028,609	$ 57	1,382,019	906	(354,373)
Balance, beginning of the period (in shares) at Jul. 31, 2023		112,661,660
Balance, beginning of the period at Jul. 31, 2023	1,028,141	$ 56	1,364,757	844	(337,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		106,772
Exercise of stock options	968	$ 1	967
Stock issuance upon vesting of restricted stock units (in shares)		262,298
Stock issuance upon vesting of restricted stock units	0
Stock issuance under the employee stock purchase plan	0
Stock-based compensation	15,817		15,817
Other comprehensive income	62			62
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(16,379)		478		(16,857)
Balance, ending of the period (in shares) at Oct. 31, 2023		113,030,730
Balance, ending of the period at Oct. 31, 2023	1,028,609	$ 57	1,382,019	906	(354,373)
Balance, beginning of the period (in shares) at Jan. 31, 2024		113,684,299
Balance, beginning of the period at Jan. 31, 2024	$ 1,049,176	$ 57	1,400,881	996	(352,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	290,917	290,917
Exercise of stock options	$ 2,223		2,223
Stock issuance upon vesting of restricted stock units (in shares)		1,581,387
Stock issuance upon vesting of restricted stock units	0	$ 1	(1)
Stock issuance under the employee stock purchase plan (in shares)		93,982
Stock issuance under the employee stock purchase plan	2,514		2,514
Stock-based compensation	52,999		52,999
Other comprehensive income	619			619
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(19,268)		(2,205)		(17,063)
Balance, ending of the period (in shares) at Oct. 31, 2024		115,650,585
Balance, ending of the period at Oct. 31, 2024	1,088,263	$ 58	1,456,411	1,615	(369,821)
Balance, beginning of the period (in shares) at Jul. 31, 2024		115,387,309
Balance, beginning of the period at Jul. 31, 2024	1,074,855	$ 58	1,439,245	1,407	(365,855)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		78,206
Exercise of stock options	486		486
Stock issuance upon vesting of restricted stock units (in shares)		185,070
Stock issuance upon vesting of restricted stock units	0
Stock issuance under the employee stock purchase plan	0
Stock-based compensation	17,966		17,966
Other comprehensive income	208			208
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(5,252)		(1,286)		(3,966)
Balance, ending of the period (in shares) at Oct. 31, 2024		115,650,585
Balance, ending of the period at Oct. 31, 2024	$ 1,088,263	$ 58	$ 1,456,411	$ 1,615	$ (369,821)

Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Numerator
Net loss attributable to nCino, Inc.	$ (5,252)	$ (16,379)	$ (19,268)	$ (43,506)
Denominator
Weighted-average common shares outstanding, basic (in shares)	115,611,833	112,951,553	114,970,622	112,484,017
Weighted-average common shares outstanding, diluted (in shares)	115,611,833	112,951,553	114,970,622	112,484,017
Basic loss per share attributable to nCino, Inc. (in USD per share)	$ (0.05)	$ (0.15)	$ (0.17)	$ (0.39)
Diluted loss per share attributable to nCino, Inc. (in USD per share)	$ (0.05)	$ (0.15)	$ (0.17)	$ (0.39)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Oct. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In November 2024, the Company acquired all of the outstanding equity of Artesian Solutions Limited, operating as "FullCircl", a UK-based SaaS platform built to help financial institutions automate and accelerate onboarding and improve client lifecycle management. Approximately $129.7 million of the purchase price was funded with proceeds from the 2024 Credit Facility. An additional $15.0 million will be retained by the Company for two years as security upon the satisfaction and performance of certain warranties and covenants arising under the Share Purchase Agreement. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations. The Company is in the process of finalizing the accounting for this transaction and will complete the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of our fourth quarter of fiscal 2025.

Property and Equipment (Tables)

9 Months Ended

Oct. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consisted of the following:


	As of January 31, 2024		As of October 31, 2024
Furniture and fixtures	$	12,066	$	11,742
Computers and equipment	8,010		7,109
Buildings and land	56,379		56,379
Leasehold improvements	27,712		28,081
Construction in progress	170		213
	104,337		103,524
Less accumulated depreciation	(25,192)		(27,813)
	$	79,145	$	75,711

The Company recognized depreciation expense as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Cost of subscription revenues	$	150	$	124	$	437	$	366
Cost of professional services and other revenues	457		322		1,375		991
Sales and marketing	450		316		1,334		981
Research and development	731		602		2,201		1,830
General and administrative	300		192		889		576
Total depreciation expense	$	2,088	$	1,556	$	6,236	$	4,744

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities
Net loss attributable to nCino, Inc.	$ (19,268)	$ (43,506)
Net loss and adjustment attributable to redeemable non-controlling interest	1,796	(1,394)
Net loss	(17,472)	(44,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	26,132	37,337
Non-cash operating lease costs	3,844	3,581
Amortization of costs capitalized to obtain revenue contracts	8,724	7,368
Amortization of debt issuance costs	60	138
Stock-based compensation	53,015	41,969
Deferred income taxes	(2,496)	881
Provision for bad debt	25	1,124
Net foreign currency losses (gains)	(658)	2,275
Loss on disposal of long-lived assets	35	161
Change in operating assets and liabilities:
Accounts receivable	50,184	35,455
Costs capitalized to obtain revenue contracts	(13,199)	(5,959)
Prepaid expenses and other assets	656	3,374
Accounts payable	1,056	1,184
Accrued expenses and other liabilities	(148)	(7,999)
Deferred revenue	(41,604)	(23,789)
Operating lease liabilities	(2,936)	(3,063)
Net cash provided by operating activities	65,218	49,137
Cash flows from investing activities
Acquisition of business, net of cash acquired	(90,839)	0
Acquisition of assets	(450)	(356)
Purchases of property and equipment	(1,466)	(3,083)
Purchase of investment	0	(2,500)
Net cash used in investing activities	(92,755)	(5,939)
Cash flows from financing activities
Investment by redeemable non-controlling interest	0	983
Proceeds from borrowings on revolving credit facility	241,000	0
Payments on revolving credit facility	(75,000)	(30,000)
Payments of debt issuance costs	(1,382)	0
Exercise of stock options	2,223	3,176
Stock issuance under the employee stock purchase plan	2,514	2,698
Principal payments on financing obligations	(916)	(888)
Net cash provided by (used in) financing activities	168,439	(24,031)
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash	(93)	(762)
Net increase in cash, cash equivalents, and restricted cash	140,809	18,405
Cash, cash equivalents, and restricted cash, beginning of period	117,444	87,418
Cash, cash equivalents, and restricted cash, end of period	258,253	105,823
Reconciliation of cash, cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	257,894	100,475
Restricted cash included in prepaid expenses and other current assets	0	5,000
Restricted cash included in long-term prepaid expenses and other assets	359	348
Total cash, cash equivalents, and restricted cash, end of period	258,253	105,823
Supplemental disclosure of cash flow information
Cash paid for taxes, net of refunds	2,770	2,244
Cash paid for interest	4,846	3,458
Supplemental disclosure of noncash investing and financing activities
Purchase of property and equipment, accrued but not paid	51	200
Deferred costs, accrued but not paid	$ 120	$ 0

Basic and Diluted Loss per Share

9 Months Ended

Oct. 31, 2024

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 stock options issued and outstanding, nonvested RSUs issued and outstanding, and shares issuable pursuant to the ESPP. 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 and nine months ended October 31, 2023 and 2024 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 October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Basic and diluted loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(16,379)	$	(5,252)	$	(43,506)	$	(19,268)
Denominator
Weighted-average common shares outstanding	112,951,553		115,611,833		112,484,017		114,970,622
Basic and diluted loss per share attributable to nCino, Inc.	$	(0.15)	$	(0.05)	$	(0.39)	$	(0.17)

The following potential outstanding common stock were excluded from the diluted loss per share computation because the effect would have been anti-dilutive:


	Nine Months Ended October 31,
	2023	2024
Stock options issued and outstanding	1,551,058	920,412
Nonvested RSUs issued and outstanding	5,785,669	6,367,467
Shares issuable pursuant to the ESPP	61,412	77,914

Goodwill and Intangible Assets

9 Months Ended

Oct. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The change in the carrying amounts of goodwill was as follows:


Balance, January 31, 2024	$	838,869
Acquisitions	68,541

Translation adjustments	1,149
Balance, October 31, 2024	$	908,559

Intangible assets

Intangible assets, net are as follows:


	As of January 31, 2024						As of October 31, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	83,468	$	(38,010)	$	45,458	$	88,080	$	(44,968)	$	43,112
Customer relationships	91,704		(22,085)		69,619		114,421		(29,983)		84,438
Trademarks and trade name	14,624		(14,624)		—		424		(256)		168
Other	919		(424)		495		1,369		(743)		626
	$	190,715	$	(75,143)	$	115,572	$	204,294	$	(75,950)	$	128,344

During the nine months ended October 31, 2024, the Company wrote off approximately $20.6 million of fully amortized intangible assets and the corresponding accumulated amortization.

The Company recognized amortization expense for intangible assets as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Cost of subscription revenues	$	3,990	$	4,404	$	12,431	$	12,926
Cost of professional services and other revenues	82		82		247		247
Sales and marketing	12,880		2,871		18,423		8,215

Total amortization expense	$	16,952	$	7,357	$	31,101	$	21,388

During the third quarter of fiscal 2024, the Company rebranded the SimpleNexus solution to nCino Mortgage, resulting in a change to the trade name useful life and recorded incremental amortization of $10.1 million to fully amortize the remaining trade name intangible asset.

The expected future amortization expense for intangible assets as of October 31, 2024 is as follows:


Fiscal Year Ending January 31,
2025 (remaining)	$	7,355
2026	28,896
2027	27,628
2028	13,170
2029	13,069
Thereafter	38,226
	$	128,344

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.

Business Combinations (Tables)

9 Months Ended

Oct. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the DocFox Acquisition Date:


	Fair Value
Cash and cash equivalents	$	1,400
Accounts receivable	1,898
Operating lease right-of-use assets, net	405
Other current and noncurrent assets	444
Intangible assets	24,600
Goodwill	57,430
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(3,495)
Deferred revenue, current and noncurrent	(3,505)
Operating lease liabilities, current and noncurrent	(405)
Deferred income taxes	(6,407)
Net assets acquired	$	72,365

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the ILT Acquisition Date:


	Fair Value
Cash and cash equivalents	$	164
Accounts receivable	343
Intangible assets	8,660
Goodwill	11,111
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(240)
Net assets acquired	$	20,038

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table sets forth the components of the preliminary fair value of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the DocFox Acquisition Date:


	Fair Value		Useful Life
Trade name	$	200	1 year
Customer relationships	16,400		10 years
Developed technology	8,000		5 years
Total intangible assets subject to amortization	$	24,600


	Fair Value		Useful Life
Trade name	$	210	1 year
Customer relationships	5,870		10 years
Developed technology	2,580		5 years
Total intangible assets subject to amortization	$	8,660

Business Combinations - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Apr. 01, 2024	Mar. 20, 2024
DocFox
Business Acquisition [Line Items]
Fair Value		$ 24,600
DocFox \| Trade name
Business Acquisition [Line Items]
Fair Value		$ 200
Useful Life		1 year
DocFox \| Customer relationships
Business Acquisition [Line Items]
Fair Value		$ 16,400
Useful Life		10 years
DocFox \| Developed technology
Business Acquisition [Line Items]
Fair Value		$ 8,000
Useful Life		5 years
Integrated Lending Technologies, LLC
Business Acquisition [Line Items]
Fair Value	$ 8,660
Integrated Lending Technologies, LLC \| Trade name
Business Acquisition [Line Items]
Fair Value	$ 210
Useful Life	1 year
Integrated Lending Technologies, LLC \| Customer relationships
Business Acquisition [Line Items]
Fair Value	$ 5,870
Useful Life	10 years
Integrated Lending Technologies, LLC \| Developed technology
Business Acquisition [Line Items]
Fair Value	$ 2,580
Useful Life	5 years

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Cash and cash equivalents	$ 257,894	$ 112,085
Allowance for doubtful accounts	1,172	1,451
Investments (related party $2,500 at January 31, 2024 and October 31, 2024)	$ 9,294	$ 9,294
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
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	500,000,000
Common stock, shares, issued (in shares)	115,650,585	113,684,299
Common stock, shares outstanding (in shares)	115,650,585	113,684,299
Related Party
Investments (related party $2,500 at January 31, 2024 and October 31, 2024)	$ 2,500	$ 2,500
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	$ 1,595	$ 2,277

Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Details) - shares	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	920,412	1,551,058
Nonvested RSUs issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	6,367,467	5,785,669
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	77,914	61,412

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Current assets
Cash and cash equivalents (VIE: $2,277 and $1,595 at January 31, 2024 and October 31, 2024, respectively)	$ 257,894	$ 112,085
Accounts receivable, less allowances of $1,451 and $1,172 at January 31, 2024 and October 31, 2024, respectively	65,013	112,975
Costs capitalized to obtain revenue contracts, current portion, net	12,214	10,544
Prepaid expenses and other current assets	13,523	15,171
Total current assets	348,644	250,775
Property and equipment, net	75,711	79,145
Operating lease right-of-use assets, net	14,938	19,261
Costs capitalized to obtain revenue contracts, noncurrent, net	20,185	17,425
Goodwill	908,559	838,869
Intangible assets, net	128,344	115,572
Investments (related party $2,500 at January 31, 2024 and October 31, 2024)	9,294	9,294
Long-term prepaid expenses and other assets	10,931	10,089
Total assets	1,516,606	1,340,430
Current liabilities
Accounts payable	12,123	11,842
Accrued compensation and benefits	16,370	16,283
Accrued expenses and other current liabilities	11,594	10,847
Deferred revenue, current portion	132,382	170,941
Financing obligations, current portion	1,614	1,474
Operating lease liabilities, current portion	4,830	3,649
Total current liabilities	178,913	215,036
Operating lease liabilities, noncurrent	11,829	16,423
Deferred income taxes, noncurrent	10,577	3,687
Deferred revenue, noncurrent	431	0
Revolving credit facility, noncurrent	166,000	0
Financing obligations, noncurrent	51,624	52,680
Other long-term liabilities	3,726	0
Total liabilities	423,100	287,826
Commitments and contingencies (Note 12)
Redeemable non-controlling interest (Note 3)	5,243	3,428
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, and none issued and outstanding as of January 31, 2024 and October 31, 2024	0	0
Common stock, $0.0005 par value; 500,000,000 shares authorized as of January 31, 2024 and October 31, 2024; 113,684,299 and 115,650,585 shares issued and outstanding as of January 31, 2024 and October 31, 2024, respectively	58	57
Additional paid-in capital	1,456,411	1,400,881
Accumulated other comprehensive income	1,615	996
Accumulated deficit	(369,821)	(352,758)
Total stockholders’ equity	1,088,263	1,049,176
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$ 1,516,606	$ 1,340,430

Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Oct. 31, 2024
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On February 11, 2022, the Company entered into a Credit Agreement (the “2022 Credit Agreement”), by and among the Company, nCino OpCo (the “Borrower”), certain subsidiaries of the Company as guarantors, and Bank of America, N.A. as lender (the “Lender”), pursuant to which the Lender provided to the Borrower a senior secured revolving credit facility of up to $50.0 million (the “2022 Credit Facility”). The 2022 Credit Facility included borrowing capacity available for letters of credit subject to a sublimit of $7.5 million. Any issuance of letters of credit would have reduced the amount available under the 2022 Credit Facility. The Company was also required to maintain at least $5.0 million of the Company's cash and/or marketable securities with the Lender which was considered restricted cash and was included in long-term prepaid expenses and other assets as of January 31, 2024. On February 9, 2024, the Company entered into a First Amendment to extend the existing maturity date of the 2022 Credit Facility provided for under the 2022 Credit Agreement to February 11, 2025. On March 17, 2024, the Company entered into the Second Amendment which increased our borrowing availability to $100.0 million and extended the existing maturity date of the 2022 Credit Facility to March 17, 2029. Borrowings under the 2022 Credit Facility accrued interest, at the Borrower’s option, at: (i) a base rate equal to the greatest of (a) the Lender’s “prime rate”, (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.3125%; or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.3125%, in each case with such margin subject to a step down based on achievement of a certain leverage ratio. The Company was also required to pay an unused commitment fee to the Lender of 0.30% of the average daily unutilized commitments (with a step down based on achievement of a certain leverage ratio). The Company was also required to pay customary letter of credit fees. On October 28, 2024, the Company terminated the 2022 Credit Agreement above and entered into a new Credit Agreement (the "2024 Credit Agreement"), by and among the Company, nCino OpCo, Inc. (the "Borrower"), certain subsidiaries of the Company as guarantors, the lenders party thereto (the "Lenders") and Bank of America, N.A. as administrative agent (the "Agent"). The 2024 Credit Agreement includes a senior secured revolving credit facility of up to $250.0 million (the "2024 Credit Facility") with a maturity date of October 28, 2029. The 2024 Credit Facility includes borrowing capacity available for letters of credit subject to a sublimit of $45.0 million. Any issuances of letters of credit will reduce the amount available under the 2024 Credit Facility. Borrowings under the 2024 Credit Facility bear interest, at the Borrower’s option, at: (i) a base rate equal to the greatest of (a) the Agent’s “prime rate”, (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.00%; or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.00%, in each case with such margin subject to step ups based on certain leverage ratios. The Company is also required to pay an unused commitment fee to the Lenders of 0.25% of the average daily unutilized commitments (with step ups based on certain leverage ratios). The Company must also pay customary letter of credit fees. The Company may repay amounts borrowed any time without penalty. Borrowings under the 2024 Credit Facility may be reborrowed. The 2024 Credit Agreement contains representations and warranties, affirmative, negative and financial covenants, and events of default that are customary for loans of this type. The financial covenants require the Company and its subsidiaries on a consolidated basis to maintain (i) a Consolidated Total Leverage Ratio not in excess of 4.00:1.00 as of the end of any fiscal quarter, and (ii) a Consolidated Interest Coverage Ratio not less than 3.00:1.00 as of the end of any fiscal quarter, commencing with the fiscal quarter ending January 31, 2025. The 2024 Credit Facility is guaranteed by the Company and each of its current and future material domestic subsidiaries (the “Guarantors”) and secured by substantially all of the personal property, subject to customary exceptions, of the Borrower and the Guarantors, in each case, now owned or later acquired, including a pledge of all of the Borrower’s capital stock, the capital stock of all of the Company’s domestic subsidiaries, and 65% of the capital stock of foreign subsidiaries that are directly owned by the Borrower or a Guarantor. The Company had $0.0 million and no letters of credit issued under the 2022 Credit Facility as of January 31, 2024. The Company had $166.0 million outstanding and no letters of credit issued under the 2024 Credit Facility and was in compliance with all covenants as of October 31, 2024. As of October 31, 2024, the applicable interest rate was 6.72%. The available borrowing capacity under the 2024 Credit Facility was $84.0 million as of October 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Oct. 31, 2023	Oct. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets, writeoff		$ 20.6
Intangible Assets, Amortization Period
Finite-Lived Intangible Assets [Line Items]
Amortization	$ 10.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Variable Interest Entity and Redeemable Non-Controlling Interest (Tables)

9 Months Ended

Oct. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Activity in Redeemable Noncontrolling Interest

The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Balance, beginning of period	$	2,995	$	4,133	$	3,589	$	3,428
Investment by redeemable non-controlling interest	983		—		983		—
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	(320)		(186)		(868)		(409)
Foreign currency translation	12		5		2		3
Adjustment to redeemable non-controlling interest	(478)		1,286		(526)		2,205
Stock-based compensation expense1	6		5		18		16
Balance, end of period	$	3,198	$	5,243	$	3,198	$	5,243

1 nCino K.K. stock options granted in accordance with nCino K.K.'s equity incentive plan.

Fair Value Measurements (Details) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Level 1
Assets:
Time deposits (included in long-term prepaid expenses and other assets)	$ 359	$ 359
Total assets	33,965	39,008
Level 1 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	33,606	38,649
Level 2
Assets:
Time deposits (included in long-term prepaid expenses and other assets)	0	0
Total assets	0	0
Level 2 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	0	0
Level 3
Assets:
Time deposits (included in long-term prepaid expenses and other assets)	0	0
Total assets	0	0
Level 3 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	$ 0	$ 0

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	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 Securities Exchange Commission ("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 in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2024 filed with the SEC on March 26, 2024. 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. 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 2025 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 ("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 investments, 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. See Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest.
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 at the option of the (i) minority investors or (ii) 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, and stand-alone selling price; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; the useful lives of intangible assets; income taxes and the related 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, cash equivalents, restricted cash, and accounts receivable. The Company’s cash and cash equivalents exceeded federally insured limits at January 31, 2024 and October 31, 2024. The Company maintains its cash, cash equivalents and restricted cash with high-credit-quality financial institutions.
Restricted Cash	Restricted Cash: Restricted cash primarily consisted of a minimum cash balance the Company maintained with a lender under the Company's revolving credit facility at January 31, 2024. Restricted cash consists of deposits held as collateral for the Company's bank guarantees issued in place of security deposits for certain property leases and credit cards at October 31, 2024. Restricted cash is included in long-term prepaid expenses and other assets and on the unaudited condensed consolidated balance sheets.
Allowances	Allowances: The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable, current market and economic conditions, and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. This estimate is analyzed quarterly and adjusted as necessary. The Company records the allowance against bad debt expense through the unaudited condensed consolidated statements of operations, included in general and administrative expenses, up to the amount of revenues recognized to date. Any incremental allowance is recorded as an offset to deferred revenue on the unaudited condensed consolidated balance sheets. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success.
Investment	Investments: The Company's investments are non-marketable equity investments without readily determinable fair value and for which the Company does not have control or significant influence. The investments are measured at cost with adjustments for observable changes in price or impairment as permitted by the measurement alternative. The Company assesses at each reporting period if the investments continue to qualify for the measurement alternative. Gains or losses resulting from observable price changes are recognized currently in the Company's unaudited condensed consolidated statements of operations. The Company assesses the investments whenever events or changes in circumstances indicate that the carrying value of the investments may not be recoverable.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted: In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance includes amendments to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023 on a retrospective basis, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s unaudited condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance includes amendments to enhance existing income tax disclosure requirements, primarily related to the rate reconciliation and income taxes paid disclosures. The ASU is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply the ASU retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s unaudited condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The guidance includes amendments to require public companies to provide additional disclosure about certain costs and expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s unaudited condensed consolidated financial statements.

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 7,357	$ 16,952	$ 21,388	$ 31,101
Cost of subscription revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	4,404	3,990	12,926	12,431
Cost of professional services and other revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	82	82	247	247
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 2,871	$ 12,880	$ 8,215	$ 18,423

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Narrative (Details) - Nonvested RSUs issued and outstanding $ in Millions	9 Months Ended
	Oct. 31, 2024 USD ($)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 166.6
Unrecognized compensation costs period for recognition (in years)	2 years 10 months 6 days

Commitments and Contingencies

9 Months Ended

Oct. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

In addition to the operating lease commitments described in Note 10 "Leases", the Company has additional contractual commitments as described further below.

Purchase Commitments

The Company’s purchase commitments consist of non-cancellable agreements to purchase goods and services, primarily licenses and hosting services, entered into in the ordinary course of business.

Financing Obligations

The Company's financing obligations consist of leases for the Company's headquarters and parking deck in which the Company is deemed the owner of for accounting purposes. The leases will be analyzed for applicable lease accounting upon expiration of the purchase option, if not exercised.

Purchase commitments and future minimum lease payments required under financing obligations as of October 31, 2024 is as follows:


Fiscal Year Ending January 31,	Purchase commitments		Financing obligations - leased facility
2025 (remaining)	$	20,922	$	1,143
2026	83,388		4,653
2027	81,195		3,958
2028	74,698		—
2029	1,226		—
Thereafter	357		—
Total	$	261,786	$	9,754
Residual financing obligations and assets			49,560
Less: amount representing interest			(6,076)
Financing obligations			$	53,238

A portion of the associated lease payments are recognized as interest expense and the remainder reduces the financing obligations. The weighted-average discount rate for the Company's financing obligations as of October 31, 2024 was 5.7%.

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. The Company has not

accrued any material liabilities related to such obligations in the accompanying unaudited condensed consolidated financial statements.

Legal Proceedings

From time to time, the Company is involved in legal proceedings or is subject to claims arising in the ordinary course of business including the following:

On September 26, 2022, a purported stockholder of the Company filed a complaint in the Delaware Court of Chancery in connection with the series of mergers in which the Company became the parent of nCino OpCo and SimpleNexus. On December 28, 2023, the Delaware Court of Chancery granted in full defendants' motions to dismiss the complaint. On January 25, 2024, the plaintiff filed a notice of appeal. On September 12, 2024, the Delaware Supreme Court summarily affirmed the dismissal of the complaint in its entirety.

Other Commitments and Contingencies

The Company may be subject to audits related to its non-income taxes by tax authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. The Company accrues for any assessments if deemed probable and estimable.

Commitments and Contingencies - Narrative (Details)	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Finance lease, weighted average discount rate (in percent)	5.70%

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 1,556	$ 2,088	$ 4,744	$ 6,236
Sales and marketing
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	316	450	981	1,334
Research and development
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	602	731	1,830	2,201
General and administrative
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	192	300	576	889
Subscription
Property, Plant and Equipment [Line Items]
Cost of subscription revenues	124	150	366	437
Professional services and other
Property, Plant and Equipment [Line Items]
Cost of subscription revenues	$ 322	$ 457	$ 991	$ 1,375

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 17,971	$ 15,823	$ 53,015	$ 41,969
Cost of subscription revenues \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	733	515	2,088	1,314
Cost of subscription revenues \| Professional services and other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,940	2,571	8,699	6,660
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,394	4,153	12,534	11,194
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,208	4,386	13,720	11,665
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5,696	$ 4,198	$ 15,974	$ 11,136

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 31, 2024

Accounting Policies [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

A summary of activity in the allowance for doubtful accounts and reserve for expected credit losses is as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Balance, beginning of period	$	876	$	1,204	$	899	$	1,451
Charged to bad debt expense	368		—		1,124		25
Charged to deferred revenue	981		—		923		—
Write-offs and other	—		(32)		(721)		(304)
Translation adjustments	(4)		—		(4)		—
Balance, end of period	$	2,221	$	1,172	$	2,221	$	1,172

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Leases [Abstract]
Operating lease expense	$ 1,418	$ 1,225	$ 4,144	$ 3,842
Variable lease expense	657	464	1,927	1,398
Short-term lease expense	41	94	189	328
Sublease income	(232)	0	(232)	0
Total lease expense	$ 1,884	$ 1,783	$ 6,028	$ 5,568

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,236	$ 3,324
Operating right-of-use assets obtained in exchange for operating lease liabilities	810	2,142
Operating right-of-use assets and operating lease liabilities disposed of	$ 1,947	$ 115

Business Combinations - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	9 Months Ended
	Apr. 01, 2024	Mar. 20, 2024	Jul. 31, 2024	Oct. 31, 2024
Nonvested RSUs issued and outstanding
Business Acquisition [Line Items]
Granted (in shares)				3,027,506
DocFox
Business Acquisition [Line Items]
Payments to acquire businesses, post combination expense		$ 2,000
Transaction costs		3,900
Payments to acquire businesses, gross		74,300
Payments to acquire businesses, options settled		6,200
Payments to acquire businesses, consideration transferred		4,200
Business combination, consideration transferred		72,400
DocFox \| General and administrative
Business Acquisition [Line Items]
Transaction costs		$ 2,000
DocFox \| Nonvested RSUs issued and outstanding
Business Acquisition [Line Items]
Granted (in shares)		198,505
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, fair value		$ 6,100
Award vesting period		4 years
Integrated Lending Technologies, LLC
Business Acquisition [Line Items]
Transaction costs	$ 900
Business combination, consideration transferred	19,900
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred			$ 100
Business acquisition, goodwill, expected tax deductible amount	$ 11,100

Goodwill and Intangible Assets (Tables)

9 Months Ended

Oct. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The change in the carrying amounts of goodwill was as follows:


Balance, January 31, 2024	$	838,869
Acquisitions	68,541

Translation adjustments	1,149
Balance, October 31, 2024	$	908,559

Schedule of Finite-Lived Intangible Assets

Intangible assets, net are as follows:


	As of January 31, 2024						As of October 31, 2024
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	83,468	$	(38,010)	$	45,458	$	88,080	$	(44,968)	$	43,112
Customer relationships	91,704		(22,085)		69,619		114,421		(29,983)		84,438
Trademarks and trade name	14,624		(14,624)		—		424		(256)		168
Other	919		(424)		495		1,369		(743)		626
	$	190,715	$	(75,143)	$	115,572	$	204,294	$	(75,950)	$	128,344

Schedule of Finite-lived Intangible Assets Amortization Expense

The Company recognized amortization expense for intangible assets as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Cost of subscription revenues	$	3,990	$	4,404	$	12,431	$	12,926
Cost of professional services and other revenues	82		82		247		247
Sales and marketing	12,880		2,871		18,423		8,215

Total amortization expense	$	16,952	$	7,357	$	31,101	$	21,388

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization expense for intangible assets as of October 31, 2024 is as follows:


Fiscal Year Ending January 31,
2025 (remaining)	$	7,355
2026	28,896
2027	27,628
2028	13,170
2029	13,069
Thereafter	38,226
	$	128,344

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,152)	$ (17,177)	$ (17,472)	$ (44,900)
Other comprehensive income:
Foreign currency translation	213	74	622	214
Other comprehensive income	213	74	622	214
Comprehensive loss	(3,939)	(17,103)	(16,850)	(44,686)
Less comprehensive loss attributable to redeemable non-controlling interest:
Net loss attributable to redeemable non-controlling interest	(186)	(320)	(409)	(868)
Foreign currency translation attributable to redeemable non-controlling interest	5	12	3	2
Comprehensive loss attributable to redeemable non-controlling interest	(181)	(308)	(406)	(866)
Comprehensive loss attributable to nCino, Inc.	$ (3,758)	$ (16,795)	$ (16,444)	$ (43,820)

Revenues - Revenue By Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 138,797	$ 121,942	$ 399,287	$ 352,850
United States
Disaggregation of Revenue [Line Items]
Total revenues	109,191	98,526	316,357	288,287
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 29,606	$ 23,416	$ 82,930	$ 64,563

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Narrative (Details)	Oct. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	6 years 3 months
Operating lease, weighted average discount rate, percent	6.80%
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	5 years

Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured At Fair Value (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 4,133	$ 2,995	$ 3,428	$ 3,589
Investment by redeemable non-controlling interest	$ 1,000	0	983	0	983
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)		(186)	(320)	(409)	(868)
Foreign currency translation		5	12	3	2
Adjustment to redeemable non-controlling interest		1,286	(478)	2,205	(526)
Stock-based compensation expense		5	6	16	18
Ending balance	$ 3,198	$ 5,243	$ 3,198	$ 5,243	$ 3,198

Leases (Tables)

9 Months Ended

Oct. 31, 2024

Leases [Abstract]

Schedule of Lease Cost

The components of lease expense were as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Operating lease expense	$	1,225	$	1,418	$	3,842	$	4,144
Variable lease expense	464		657		1,398		1,927
Short-term lease expense	94		41		328		189
Sublease income	$	—	$	(232)	$	—	$	(232)
Total lease expense	$	1,783	$	1,884	$	5,568	$	6,028

Supplemental cash flow information related to operating leases were as follows:


	Nine Months Ended October 31,
	2023		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,324	$	3,236
Operating right-of-use assets obtained in exchange for operating lease liabilities	2,142		810
Operating right-of-use assets and operating lease liabilities disposed of	115		1,947

Schedule of Future Minimum Lease Payments for Operating Lease

Future minimum lease payments as of October 31, 2024 were as follows:


Fiscal Year Ending January 31,	Operating Leases
2025 (remaining)	$	1,166
2026	5,088
2027	3,307
2028	2,796
2029	1,729
Thereafter	6,564
Total lease liabilities	20,650
Less: imputed interest	(3,991)
Total lease obligations	16,659
Less: current obligations	(4,830)
Long-term lease obligations	$	11,829

Property and Equipment - Property and Equipment, net (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 103,524	$ 104,337
Less accumulated depreciation	(27,813)	(25,192)
Property and equipment, net	75,711	79,145
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,742	12,066
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,109	8,010
Buildings and land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	56,379	56,379
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,081	27,712
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 213	$ 170

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 204,294	$ 190,715
Accumulated Amortization	(75,950)	(75,143)
Net Carrying Amount	128,344	115,572
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	88,080	83,468
Accumulated Amortization	(44,968)	(38,010)
Net Carrying Amount	43,112	45,458
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	114,421	91,704
Accumulated Amortization	(29,983)	(22,085)
Net Carrying Amount	84,438	69,619
Trademarks and trade name
Finite-Lived Intangible Assets [Line Items]
Gross Amount	424	14,624
Accumulated Amortization	(256)	(14,624)
Net Carrying Amount	168	0
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,369	919
Accumulated Amortization	(743)	(424)
Net Carrying Amount	$ 626	$ 495

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment

9 Months Ended

Oct. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:


	As of January 31, 2024		As of October 31, 2024
Furniture and fixtures	$	12,066	$	11,742
Computers and equipment	8,010		7,109
Buildings and land	56,379		56,379
Leasehold improvements	27,712		28,081
Construction in progress	170		213
	104,337		103,524
Less accumulated depreciation	(25,192)		(27,813)
	$	79,145	$	75,711

The Company recognized depreciation expense as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Cost of subscription revenues	$	150	$	124	$	437	$	366
Cost of professional services and other revenues	457		322		1,375		991
Sales and marketing	450		316		1,334		981
Research and development	731		602		2,201		1,830
General and administrative	300		192		889		576
Total depreciation expense	$	2,088	$	1,556	$	6,236	$	4,744

Commitments and Contingencies - Purchase Commitments and Future Minimum Lease Payments (Details) $ in Thousands	Oct. 31, 2024 USD ($)
Purchase commitments
2025 (remaining)	$ 20,922
2026	83,388
2027	81,195
2028	74,698
2029	1,226
Thereafter	357
Total	261,786
Financing obligations - leased facility
2025 (remaining)	1,143
2026	4,653
2027	3,958
2028	0
2029	0
Thereafter	0
Total	9,754
Residual financing obligations and assets	49,560
Less: amount representing interest	(6,076)
Financing obligations	$ 53,238

Stock-Based Compensation

9 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

Stock option activity for the nine months ended October 31, 2024 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding, January 31, 2024	1,212,704	$	7.14
Granted	—	—
Expired or forfeited	(1,375)	12.06
Exercised	(290,917)	7.58
Outstanding, October 31, 2024	920,412	$	7.00
Exercisable, October 31, 2024	920,412	$	7.00
Fully vested or expected to vest, October 31, 2024	920,412	$	7.00

Restricted Stock Units

RSU activity during the nine months ended October 31, 2024 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2024	5,626,125	$	33.19
Granted	3,027,506	33.46
Vested	(1,581,387)	33.59
Forfeited	(704,777)	34.93
Nonvested, October 31, 2024	6,367,467	$	33.08

As of October 31, 2024, total unrecognized compensation expense related to non-vested RSUs was $166.6 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 2.85 years.

Employee Stock Purchase Plan

The first offering period for the Employee Stock Purchase Plan ("ESPP") began on July 1, 2021 and ended on December 31, 2021. Thereafter, offering periods begin each year on January 1 and July 1.


	Nine Months Ended October 31,
	2023	2024
Expected life (in years)	0.50	0.50
Expected volatility	61.66% - 61.86%	38.70% - 38.91%
Expected dividends	0.00%	0.00%
Risk-free interest rate	4.77% - 5.53%	5.24% - 5.37%

Stock-Based Compensation Expense

Total stock-based compensation expense included in our unaudited condensed consolidated statements of operations were as follows:


	Three Months Ended October 31,				Nine Months Ended October 31,
	2023		2024		2023		2024
Cost of subscription revenues	$	515	$	733	$	1,314	$	2,088
Cost of professional services and other revenues	2,571		2,940		6,660		8,699
Sales and marketing	4,153		4,394		11,194		12,534
Research and development	4,386		4,208		11,665		13,720
General and administrative	4,198		5,696		11,136		15,974
Total stock-based compensation expense	$	15,823	$	17,971	$	41,969	$	53,015

Business Combinations

9 Months Ended

Oct. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Combinations

DocFox, Inc. (“DocFox”)

On March 20, 2024 (the "DocFox Acquisition Date"), the Company acquired through a merger the outstanding equity interests of DocFox, which provides a solution to automate onboarding experiences for commercial and business banking. The Company acquired DocFox for its complementary product set, which helps simplify and automate the onboarding and account opening process. The Company has included the financial results of DocFox in the consolidated statements of operations from the DocFox Acquisition Date. Including the $2.0 million in post combination expense referenced below, transaction costs associated with the DocFox acquisition were approximately $3.9 million and were recorded in general and administrative expenses for the three months ended April 30, 2024.

The Company paid a total of $74.3 million in cash as of the DocFox Acquisition Date. Included in the total cash paid was $6.2 million for DocFox common stock options that were cash settled on the DocFox Acquisition Date. The $6.2 million fair value of the DocFox common stock options was allocated between consideration transferred and post combination expense in the amounts of $4.2 million and $2.0 million, respectively. As there was no future service requirement due to accelerated vesting of these options, the entire $2.0 million was recorded as transaction cost immediately following the acquisition and not in consideration transferred. The $2.0 million is included within general and administrative expense for the three months ended April 30, 2024. The estimated fair value of the consideration transferred was $72.4 million on the DocFox Acquisition Date.

In addition, the Company issued 198,505 RSUs with an approximate fair value of $6.1 million to certain employees of DocFox, which will vest over four years subject to such employees' continued employment. The RSUs will be recorded as stock-based compensation expense post-acquisition as the RSUs vest and has been excluded from the purchase consideration.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the DocFox Acquisition Date:


	Fair Value
Cash and cash equivalents	$	1,400
Accounts receivable	1,898
Operating lease right-of-use assets, net	405
Other current and noncurrent assets	444
Intangible assets	24,600
Goodwill	57,430
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(3,495)
Deferred revenue, current and noncurrent	(3,505)
Operating lease liabilities, current and noncurrent	(405)
Deferred income taxes	(6,407)
Net assets acquired	$	72,365

The transaction was accounted for using the acquisition method and, as a result, tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values at the DocFox Acquisition Date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill and is subject to revision as the purchase price allocation is complete. The Company determined the acquisition date contract assets and liabilities in accordance with ASC 606.

Due to the timing of the transaction, initial accounting for the acquisition is not complete, and further measurement period adjustments may occur in fiscal year 2025, but no later than one year from the DocFox Acquisition Date. The Company has estimated the preliminary fair value of net assets acquired based on information currently available and with the assistance of independent third-party valuations and will continue to adjust those estimates as additional information becomes available, valuations are finalized and the tax returns for the pre-acquisition period are completed. The primary areas of the acquisition accounting that remain preliminary relate to, but are not limited to, (i) finalizing the review and valuation of intangible assets (including key assumptions, inputs and estimates), (ii) finalizing the Company's review of certain assets acquired and liabilities assumed, (iii) finalizing the evaluation and valuation of certain legal matters and/or loss contingencies, including those that the Company may not yet be aware of but meet the requirement to qualify as a pre-acquisition contingency, (iv) finalizing our estimate of the impact of acquisition accounting on deferred income taxes or liabilities, including uncertain tax positions, and (v) finalizing the Company’s review of the acquired contracts and related contract assets and liabilities. As the initial acquisition accounting is based on preliminary assessments, actual values may differ materially when final information becomes available. The Company believes the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. The Company will continue to evaluate these items until they are satisfactorily resolved and make necessary adjustments, within the allowable measurement period.


	Fair Value		Useful Life
Trade name	$	200	1 year
Customer relationships	16,400		10 years
Developed technology	8,000		5 years
Total intangible assets subject to amortization	$	24,600

Developed technology represents the preliminary fair value of DocFox's technology. Customer relationships represent the preliminary fair value of the underlying relationships with DocFox's customers. Trade names represents the preliminary fair value of DocFox’s company name. The Company continues to assess the rates used in the preliminary

valuation methods such as, but not limited to, the discount rates for developed technology, customer relationships and trade name and customer attrition rate for customer relationships.

Goodwill is primarily attributable to expanded market opportunities, synergies expected from the acquisition, and assembled workforce. The goodwill is not expected to be deductible for tax.

The financial results of DocFox since the DocFox Acquisition Date are included in the Company's unaudited condensed consolidated financial statements and are not material to the Company. The Company has not disclosed pro-forma revenue and earnings attributable to DocFox as they did not have a material effect on the Company’s unaudited condensed consolidated financial statements.

Integrated Lending Technologies, LLC (“ILT”)

On April 1, 2024 (the "ILT Acquisition Date”), the Company acquired all outstanding membership interests of ILT, which provides consumer loan origination software that streamlines direct and indirect lending operations. The Company acquired ILT for its complementary products and believes this will provide greater value for new and existing customers. The Company has included the financial results of ILT in the consolidated statements of operations from the ILT Acquisition Date. Transaction costs associated with the ILT acquisition were approximately $0.9 million and were recorded in general and administrative expenses for the three months ended April 30, 2024.

The fair value of the consideration transferred was $19.9 million and paid in cash on the ILT Acquisition Date, subject to a net working capital adjustment. The net working capital adjustment was finalized in July 2024, resulting in an increase to the purchase price of $0.1 million which was recorded to goodwill.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the ILT Acquisition Date:


	Fair Value
Cash and cash equivalents	$	164
Accounts receivable	343
Intangible assets	8,660
Goodwill	11,111
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(240)
Net assets acquired	$	20,038

The transaction was accounted for using the acquisition method and, as a result, tangible and intangible assets acquired, and liabilities assumed were recorded at their estimated fair values at the ILT Acquisition Date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill and is subject to revision as the purchase price allocation is completed. The Company determined the acquisition date contract assets and liabilities in accordance with ASC 606.

Due to the timing of the transaction, initial accounting for the acquisition is not complete, and further measurement period adjustments may occur in fiscal year 2025, but no later than one year from the ILT Acquisition Date. The Company has estimated the preliminary fair value of net assets acquired based on information currently available and with the assistance of independent third-party valuations and will continue to adjust those estimates as additional information becomes available and valuations are finalized. The primary areas of the acquisition accounting that remain preliminary relate to, but are not limited to, (i) finalizing the review and valuation of intangible assets (including key assumptions, inputs and estimates), (ii) finalizing the Company's review of certain assets acquired and liabilities assumed, and (iii) finalizing the Company’s review of the acquired contracts and related contract assets and liabilities. As the initial acquisition accounting is based on preliminary assessments, actual values may differ materially when final information becomes available. The Company believes the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. The Company will continue to evaluate these items until they are satisfactorily resolved and make necessary adjustments, within the allowable measurement period.


	Fair Value		Useful Life
Trade name	$	210	1 year
Customer relationships	5,870		10 years
Developed technology	2,580		5 years
Total intangible assets subject to amortization	$	8,660

Developed technology represents the preliminary estimated fair value of ILT’s technology. Customer relationships represent the preliminary estimated fair value of the underlying relationships with ILT’s customers. Trade name represents the preliminary estimated fair value of ILT’s company name. The Company continues to assess the rates used in the preliminary valuation methods such as, but not limited to, the discount rates for developed technology, customer relationships and trade name and customer attrition rate for customer relationships.

Goodwill is primarily attributable to expanded market opportunities, synergies expected from the acquisition, and assembled workforce and approximately $11.1 million is expected to be deductible for tax purposes.

The financial results of ILT since the ILT Acquisition Date are included in the Company's unaudited condensed consolidated financial statements and are not material to the Company. The Company has not disclosed pro-forma revenue and earnings attributable to ILT as they did not have a material effect on the Company’s condensed consolidated financial statements.

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Oct. 31, 2024
Accounts Receivable \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Revenue from Contract with Customer [Abstract]
Trade accounts receivable	$ 48,316	$ 106,170
Unbilled accounts receivable	16,951	7,699
Allowance for doubtful accounts	(1,172)	(1,451)
Other accounts receivable	918	557
Total accounts receivable, net	$ 65,013	$ 112,975

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Jan. 31, 2024
Leases [Abstract]
2025 (remaining)	$ 1,166
2026	5,088
2027	3,307
2028	2,796
2029	1,729
Thereafter	6,564
Total lease liabilities	20,650
Less: imputed interest	(3,991)
Total lease obligations	16,659
Less: current obligations	(4,830)	$ (3,649)
Long-term lease obligations	$ 11,829	$ 16,423

Description of Business	9 Months Ended
Description of Business	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business The Company 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 various locations in the U.S., North America, Europe, Asia Pacific, and South Africa. The Company’s fiscal year ends on January 31.