0001566895-20-000009 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jul. 31, 2020	Aug. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2020
Document Transition Report	false
Entity File Number	001-39380
Entity Registrant Name	nCino, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4353148
Entity Address, Address Line One	6770 Parker Farm Drive
Entity Address, City or Town	Wilmington
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28405
City Area Code	888
Local Phone Number	676-2466
Title of 12(b) Security	Common stock, par value $0.0005 per share
Trading Symbol	NCNO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		91,149,949
Entity Central Index Key	0001566895
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Current Assets
Cash and cash equivalents (VIE: $8,892 and $8,635 at January 31, 2020 and July 31, 2020, respectively)	$ 388,191	$ 91,184
Accounts receivable, less allowance for doubtful accounts of $0 and $622 at January 31, 2020 and July 31, 2020, respectively	30,228	34,205
Accounts receivable, related parties	0	9,201
Costs capitalized to obtain revenue contracts, current portion, net	4,007	3,608
Prepaid expenses and other current assets	7,152	7,079
Total current assets	429,578	145,277
Property and equipment, net	14,591	13,477
Costs capitalized to obtain revenue contracts, noncurrent, net	7,817	7,000
Goodwill	56,527	55,840
Intangible assets, net	24,636	26,093
Other long-term assets	650	2,464
Total assets	533,799	250,151
Current Liabilities
Accounts payable	2,188	1,258
Accounts payable, related parties	4,018	3,408
Accrued commissions	4,701	7,862
Other accrued expenses	4,820	4,922
Deferred rent, current portion	208	183
Deferred revenue, current portion	84,288	50,929
Total current liabilities	100,223	76,575
Deferred income taxes, noncurrent	234	194
Deferred rent, noncurrent	1,468	1,558
Other long-term liabilities	0	195
Total liabilities	101,925	78,522
Commitments and Contingencies (Notes 8, 11 and 12)
Redeemable non-controlling interest (Note 3)	4,384	4,356
Stockholders’ Equity
Preferred stock, $0.001 par value; 1,000,000 and 10,000,000 shares authorized as of January 31, 2020 and July 31, 2020, respectively; and none issued and outstanding as of January 31, 2020 and July 31, 2020, respectively	0	0
Common stock, value, issued	46
Additional paid-in capital	567,314	288,564
Accumulated other comprehensive (loss) income	202	(408)
Accumulated deficit	(140,072)	(120,924)
Stockholders' Equity Attributable to Parent, Total	427,490	167,273
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	533,799	250,151
Affiliated Entity
Current Liabilities
Deferred revenue, current portion	$ 0	8,013
Voting Common Stock
Stockholders’ Equity
Common stock, value, issued		38
Nonvoting Common Stock
Stockholders’ Equity
Common stock, value, issued		$ 3

Condensed Consolidated Balance Sheets - Non-printing - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Cash and cash equivalents (VIE: $8,892 and $8,635 at January 31, 2020 and July 31, 2020, respectively)	$ 388,191	$ 91,184
Accounts receivable, less allowance for doubtful accounts of $0 and $622 at January 31, 2020 and July 31, 2020, respectively	$ 622	$ 0
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized (in shares)	500,000,000	0
Common stock, shares, issued (in shares)	91,122,356	0
Common stock, shares outstanding (in shares)	91,122,356	0
Voting Common Stock
Common stock, par value (in USD per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized (in shares)	0	99,708,247
Common stock, shares, issued (in shares)	0	75,596,007
Common stock, shares outstanding (in shares)	0	75,596,007
Nonvoting Common Stock
Common stock, par value (in USD per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized (in shares)	0	10,291,753
Common stock, shares, issued (in shares)	0	5,931,319
Common stock, shares outstanding (in shares)	0	5,931,319
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents (VIE: $8,892 and $8,635 at January 31, 2020 and July 31, 2020, respectively)	$ 8,635	$ 8,892

Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jul. 31, 2020

Jul. 31, 2019

Jul. 31, 2020

Jul. 31, 2019

Revenues

Total revenues

$ 48,765

$ 31,978

$ 93,477

$ 61,814

Cost of Revenues

Total cost of revenues

22,587

14,770

41,453

28,808

Gross profit

26,178

17,208

52,024

33,006

Operating Expenses

Sales and marketing

^[1]

15,626

10,453

27,852

18,468

Research and development

^[1]

15,292

8,272

26,257

15,638

General and administrative

^[1]

10,953

6,430

17,879

10,339

Total operating expenses

41,871

25,155

71,988

44,445

Loss from operations

(15,693)

(7,947)

(19,964)

(11,439)

Non-operating Income (Expense)

Interest income

265

211

583

Other

1,117

(618)

597

(727)

Loss before income tax expense

(14,521)

(8,300)

(19,156)

(11,583)

Income tax expense

203

202

400

338

Net loss

(14,724)

(8,502)

(19,556)

(11,921)

Net loss attributable to redeemable non-controlling interest (Note 3)

(232)

(408)

Adjustment attributable to redeemable non-controlling interest (Note 3)

154

267

Net loss attributable to nCino, Inc.

$ (14,646)

$ (8,502)

$ (19,415)

$ (11,921)

Net loss per share attributable to nCino, Inc.:

Basic and diluted (in dollars per share)

$ (0.17)

$ (0.11)

$ (0.23)

$ (0.16)

Weighted average number of common shares outstanding:

Basic and diluted (in shares)

84,629,777

76,420,098

83,112,132

76,206,900

License and Service

Revenues

Total revenues

$ 39,351

$ 23,110

$ 74,182

$ 44,142

Cost of Revenues

Total cost of revenues

^[1]

11,920

7,083

22,019

13,585

Professional Services

Revenues

Total revenues

9,414

8,868

19,295

17,672

Cost of Revenues

Total cost of revenues

^[1]

$ 10,667

$ 7,687

$ 19,434

$ 15,223

[1]	1Includes stock-based compensation expense as follows

Consolidated Statements of Operations - Non-Printing - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Total stock-based compensation expense	$ 13,269	$ 2,492	$ 14,320	$ 3,601
Sales and marketing
Total stock-based compensation expense	3,346	315	3,661	607
Research and development
Total stock-based compensation expense	3,031	305	3,340	611
General and administrative
Total stock-based compensation expense	4,368	1,501	4,468	1,623
License and Service
Revenue from related parties	0	2,112	2,439	3,867
Related party costs	8,700	5,361	16,210	10,420
License and Service \| Cost of subscription revenues
Total stock-based compensation expense	242	69	303	137
Professional Services \| Cost of subscription revenues
Total stock-based compensation expense	$ 2,282	$ 302	$ 2,548	$ 623

Consolidated Statement of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,724)	$ (8,502)	$ (19,556)	$ (11,921)
Other comprehensive income:
Foreign currency translation	467	391	779	449
Other comprehensive income	467	391	779	449
Comprehensive loss	(14,257)	(8,111)	(18,777)	(11,472)
Less comprehensive loss attributable to redeemable non-controlling interest:
Net loss attributable to redeemable non-controlling interest	(232)	0	(408)	0
Foreign currency translation attributable to redeemable non-controlling interest	78	0	169	0
Comprehensive loss attributable to redeemable non-controlling interest	(154)	0	(239)	0
Comprehensive loss attributable to nCino, Inc.	$ (14,103)	$ (8,111)	$ (18,538)	$ (11,472)

Unaudited Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Voting Common Stock	Common Stock	Common Stock Voting Common Stock	Common Stock Nonvoting Common Stock	Additional Paid-in Capital	Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Balance, beginning of year (in shares) at Jan. 31, 2019					70,186,189	5,701,435
Balance, beginning of year at Jan. 31, 2019	$ 66,036	$ 11,422			$ 35	$ 3	$ 170,771	$ (21)	$ (104,752)	$ 11,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance related to business combinations (in shares)			1,438,805
Stock issuance related to business combinations	23,812				$ 1		23,811
Exercise of stock options (in shares)					188,101
Exercise of stock options	537						537
Stock-based compensation	3,601						3,601
Other comprehensive income	449							449
Net loss	(11,921)								(11,921)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(11,921)
Balance, end of year (in shares) at Jul. 31, 2019					71,813,095	5,701,435
Balance, end of year at Jul. 31, 2019	93,936				$ 36	$ 3	198,720	428	(105,251)
Balance, beginning of year (in shares) at Apr. 30, 2019					70,318,021	5,701,435
Balance, beginning of year at Apr. 30, 2019	75,478				$ 35	$ 3	172,152	37	(96,749)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance related to business combinations (in shares)					1,438,805
Stock issuance related to business combinations	23,812				$ 1		23,811		0
Exercise of stock options (in shares)					56,269
Exercise of stock options	265						265
Stock-based compensation	2,492						2,492
Other comprehensive income	391							391
Net loss	(8,502)								(8,502)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(8,502)
Balance, end of year (in shares) at Jul. 31, 2019					71,813,095	5,701,435
Balance, end of year at Jul. 31, 2019	93,936				$ 36	$ 3	198,720	428	(105,251)
Balance, beginning of year (in shares) at Jan. 31, 2020				0	75,596,007	5,931,319
Balance, beginning of year at Jan. 31, 2020	167,273			$ 0	$ 38	$ 3	288,564	(408)	(120,924)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares)				9,269,000
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	268,375			$ 5			268,370
Costs in connection with initial public offering	$ (4,534)						(4,534)
Exercise of stock options (in shares)	326,030			500	325,530
Exercise of stock options	$ 861						861
Reclassification of voting and non-voting common stock (in shares)				81,852,856	(75,921,537)	(5,931,319)
Reclassification of voting and non-voting common stock				$ 41	$ (38)	$ (3)
Stock-based compensation	14,320						14,320
Other comprehensive income	610							610
Net loss	(19,556)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(19,415)						(267)		(19,148)
Balance, end of year (in shares) at Jul. 31, 2020				91,122,356	0	0
Balance, end of year at Jul. 31, 2020	427,490			$ 46	$ 0	$ 0	567,314	202	(140,072)
Balance, beginning of year (in shares) at Apr. 30, 2020				0	75,651,808	5,931,319
Balance, beginning of year at Apr. 30, 2020	163,898			$ 0	$ 38	$ 3	289,624	(187)	(125,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares)				9,269,000
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	268,375			$ 5			268,370
Costs in connection with initial public offering	(4,534)						(4,534)
Exercise of stock options (in shares)				500	269,729
Exercise of stock options	739						739
Reclassification of voting and non-voting common stock (in shares)				81,852,856	(75,921,537)	(5,931,319)
Reclassification of voting and non-voting common stock				$ 41	$ (38)	$ (3)
Stock-based compensation	13,269						13,269
Other comprehensive income	389							389
Net loss	(14,724)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(14,646)						(154)		(14,492)
Balance, end of year (in shares) at Jul. 31, 2020				91,122,356	0	0
Balance, end of year at Jul. 31, 2020	$ 427,490			$ 46	$ 0	$ 0	$ 567,314	$ 202	$ (140,072)

Unaudited Statement of Cash Flows (Statement) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash Flows from Operating Activities
Net loss attributable to nCino, Inc.	$ (19,415)	$ (11,921)
Net loss and adjustment attributable to redeemable non-controlling interest	(141)	0
Net loss	(19,556)	(11,921)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,500	1,451
Amortization of costs capitalized to obtain revenue contracts	2,430	1,532
Stock-based compensation	14,320	3,601
Deferred income taxes	40	76
Charged to (recovery of) bad debt expense	619	(105)
Change in operating assets and liabilities:
Accounts receivable	3,365	38
Accounts receivable, related parties	9,201	4,178
Costs capitalized to obtain revenue contracts	(3,615)	(1,836)
Prepaid expenses and other assets	(13)	(131)
Accounts payable and accrued expenses and other liabilities	(4,115)	(2,085)
Accounts payable, related parties	620	453
Deferred rent	(65)	1,066
Deferred revenues	33,188	18,173
Deferred revenues, related parties	(8,013)	(3,783)
Net cash provided by operating activities	31,906	10,707
Cash Flows from Investing Activities
Acquisition of business, net of cash acquired	0	(48,219)
Purchases of property and equipment	(2,936)	(2,624)
Net cash used in investing activities	(2,936)	(50,843)
Cash Flows from Financing Activities
Proceeds from initial public offering, net of underwriting discounts and commissions	268,375	0
Payments of costs related to initial public offering	(1,345)	0
Exercise of stock options	861	537
Net cash provided by financing activities	267,891	537
Effect of foreign currency exchange rate changes on cash and cash equivalents	146	534
Net (decrease) increase in cash and cash equivalents	297,007	(39,065)
Cash and Cash Equivalents, beginning of period	91,184	74,347
Cash and Cash Equivalents, end of period	388,191	35,282
Supplemental disclosure of cash flow information
Cash paid during the year for taxes, net of refunds	236	289
Supplemental disclosure of noncash investing and financing activities
Purchase of property and equipment, accrued but not paid	86	138
Fair value of common stock issued as consideration for business acquisition	0	23,812
Costs related to initial public offering, accrued but not paid	1,420	0
Costs related to initial public offering, reclassified from other long term assets to equity	$ 1,769	$ 0

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jul. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business: nCino, Inc. is a software-as-a-service (SaaS) company that provides software applications to financial institutions to streamline employee and client interactions. The Company is headquartered in Wilmington, North Carolina and has offices in Salt Lake City, Utah; London, United Kingdom; Sydney, Australia; Melbourne, Australia; Toronto, Canada; and Tokyo, Japan. Initial Public Offering: On July 13, 2020, the Company's Registration Statement on Form S-1 relating to the initial public offering ("IPO") of its common stock was declared effective by the Securities and Exchange Commission ("SEC"). Prior to the closing of the IPO, the Company's certificate of incorporation was amended such that all outstanding shares of voting common stock and non-voting common stock were reclassified into a single class of stock designated as common stock which has one vote per share. In addition, effective upon the closing of the IPO, the Company's certificate of incorporation was amended and restated such that the total number of shares of common stock authorized to issue, par value $0.0005, was increased to 500,000,000 shares and the total number of shares of preferred stock, par value $0.001, was increased to 10,000,000 shares. In connection with the IPO, the Company issued and sold 9,269,000 shares of common stock (including shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares) at a public offering price of $31.00 per share for net proceeds of $268.4 million, after deducting underwriters' discounts and commissions (excluding other IPO costs as of July 31, 2020). Prior to the IPO, deferred offering costs, which consist of legal, accounting, consulting and other direct fees and costs relating to the IPO, were capitalized in other long-term assets. Upon consummation of the IPO, these costs were offset against the proceeds from the IPO and recorded in additional paid-in capital. Fiscal Year End: The Company’s fiscal year ends on January 31.

Summary of Significant Accounting Policies

6 Months Ended

Jul. 31, 2020

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 SEC regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included for the Company’s audited January 31, 2020 consolidated financial statements contained in the Company's final prospectus for its IPO dated as of July 13, 2020 and filed with the SEC pursuant to Rule 424(b)(4) on July 14, 2020. The unaudited condensed consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries, as well as a variable interest entity in which the Company is the primary beneficiary. All intercompany accounts and transactions are eliminated. Refer to the variable interest entity section below and Note 3 for additional information regarding the Company’s variable interest entity.

The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2021 or any future period.

Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity or VIE. nCino K.K. is considered a VIE as it has insufficient equity capital to finance its

activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity investment, the Company has not provided financial or other support to nCino K.K. that it was not contractually obligated to provide. The assets of the VIE can only be used to settle the obligations of the VIE and the creditors of the VIE do not have recourse to the Company. The assets and liabilities of the VIE were not significant to the Company’s consolidated financial statements except for cash which is reflected on the unaudited condensed consolidated balance sheets. Refer to Note 3 for additional information regarding the Company’s variable interest.

Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either (i) at the option of the minority investors or (ii) at the option of the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the unaudited condensed consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.”

Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, stand-alone selling price, and other revenue items requiring significant judgement; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; fair value of contingent consideration; the useful lives of intangible assets; the valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates.

Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2020 and July 31, 2020. The Company maintains its cash and cash equivalents with high-credit-quality financial institutions.

As of January 31, 2020, two customers represented 22% of accounts receivable, 11% of which was from a customer who is an equity holder. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. As of July 31, 2020, one customer represented 12% of accounts receivable. For the three and six months ended July 31, 2019 and 2020, no individual customer represented more than 10% of the Company’s total revenues.

Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. We recognize a contract asset in the form of accounts receivable when we have an unconditional right to payment, and we record a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for

professional services performed but not yet billed and (ii) revenues recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. Accounts receivable are reported at their gross outstanding balance reduced by an allowance for estimated receivable losses.

The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable and current market and economic conditions.

A summary of activity in the allowance for doubtful accounts is as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Balance, beginning of period	$	—	$	167	$	123	$	—
Charged to (recovery of) bad debt expense	—		452		(105)		619
Write off of uncollectible accounts	—		—		(18)		—
Translation adjustments	—		3		—		3
Balance, end of period	$	—	$	622	$	—	$	622

Recently Adopted Accounting Guidance:

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, and early adoption is permitted. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The Company prospectively adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, which addresses the cost and complexity of financial reporting associated with consolidation of variable interest entities (“VIE”). ASU 2018-17 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The new guidance must be applied on a retrospective basis as a cumulative-effect adjustment as of the date of adoption. The adoption of this standard did not impact the Company’s unaudited condensed consolidated financial statements or related disclosures upon adoption, because the Company did not, and currently does not, have any indirect interests through related parties under common control for which it receives decision-making fees.

Recent Accounting Pronouncements Not Yet Adopted:

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard will affect all entities that lease assets and will require lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of less than one year) as of the date on which the lessor makes the underlying asset available to the lessee. For lessors, accounting for leases is substantially the same as in prior periods. In July 2018, the FASB issued ASU

2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s financial statements.

Variable Interest Entity and Redeemable Non-Controlling Interest

6 Months Ended

Jul. 31, 2020

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 July 31, 2020, the Company controls a majority of the outstanding common stock in nCino K.K.

All of the common stock held by the Investors is callable by the Company or puttable by the Investors at the option of the Investors or at the option of the Company beginning on the eighth anniversary of the agreement with the Investors. Should the call or put option be exercised, the redemption value would be determined based on a prescribed formula derived from the discrete revenues of nCino K.K. and the Company and may be settled, at the Company’s discretion, with Company stock or cash or a combination of the foregoing. As a result of the put right available to the Investors, the redeemable non-controlling interests in nCino K.K. are classified outside of permanent equity in the Company’s unaudited condensed consolidated balance sheets and the balance is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interests’ share of earnings, or its estimated redemption value. The resulting changes in the estimated redemption amount are recorded within retained earnings or, in the absence of retained earnings, additional paid-in capital. The estimated redemption value of the call/put option embedded in the redeemable non-controlling interest was $0.3 million at July 31, 2020.

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


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Balance, beginning of period	$	—	$	4,384	$	—	$	4,356
Net loss attributable to redeemable non-controlling interest	—		(232)		—		(408)
Foreign currency translation	—		78		—		169
Adjustment to redeemable non-controlling interest	—		154		—		267
Balance, end of period	$	—	$	4,384	$	—	$	4,384

Fair Value of Financial Instruments

6 Months Ended

Jul. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level 3. Significant unobservable inputs which are supported by little or no market activity.

The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value as of January 31, 2020 and July 31, 2020 because of the relatively short duration of these instruments.

The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2020 and July 31, 2020 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2020
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	67,119	$	—	$	—
Total assets	$	67,119	$	—	$	—
Liabilities:
Contingent consideration (included in other long-term liabilities)	$	—	$	—	$	195
Total liabilities	$	—	$	—	$	195


	Fair value measurements on a recurring basis as of July 31, 2020
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	353,857	$	—	$	—
Total assets	$	353,857	$	—	$	—
Liabilities:
Contingent consideration (included in other accrued expenses)	$	—	$	—	$	209
Total liabilities	$	—	$	—	$	209

All of the Company’s money market accounts are classified within Level 1 because the Company’s money market accounts are valued using quoted market prices in active exchange markets including identical assets.

The Company added contingent consideration, a Level 3 measurement, on October 18, 2019 with the acquisition of FinSuite Pty Ltd. Changes in fair value of the contingent consideration are recorded in the unaudited condensed consolidated statements of operations within other income. The Company’s contingent consideration is valued using a probability weighted discounted cash flow analysis. A reconciliation of the balance for contingent consideration obligations for the three and six months ended July 31, 2020 is as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Balance, beginning of period	$	—	$	190	$	—	$	195
Acquisitions	—		—		—		—
Change in fair value	—		—		—		—
Translation adjustments	—		19		—		14
Balance, end of period	$	—	$	209	$	—	$	209

- 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 + Details

Revenues

6 Months Ended

Jul. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

Revenues by Geographic Area

Revenues by geographic region were as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
United States	$	29,653	$	44,049	$	57,332	$	84,520
International	$	2,325	$	4,716	$	4,482	$	8,957
	$	31,978	$	48,765	$	61,814	$	93,477

Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. No country outside the United States represented 10% or more of total revenues.

Contract Amounts

Accounts Receivable

Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2020 and July 31, 2020:


	As of January 31, 2020		As of July 31, 2020
Trade accounts receivable	$	32,686	$	29,082
Unbilled accounts receivable	1,425		1,321
Allowance for doubtful accounts	—		(622)
Other accounts receivable	94		447
Total accounts receivable, net	$	34,205	$	30,228

Deferred Revenue and Remaining Performance Obligation

Significant movements in the deferred revenue balance during the period consisted of increases due to payments received prior to transfer of control of the underlying performance obligations to the customer, which were offset by decreases due to revenues recognized in the period. During the six months ended July 31, 2020, $43.1 million of revenues were recognized that were included in the balance of deferred revenue as of January 31, 2020.

Transaction price allocated to remaining performance obligations represents contracted revenues that have not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenues in future periods. Transaction price allocated to the remaining performance obligation is influenced by several factors, including the timing of renewals, average contract terms and foreign currency exchange rates. The Company applies practical expedients to exclude amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights, and any estimated amounts of variable consideration that are subject to constraint.

Remaining performance obligations were $455.7 million as of July 31, 2020. The Company expects to recognize 66% of its remaining performance obligation as revenues in the next 24 months, 30% more in the following 25 to 48 months, and the remainder thereafter.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Business Combinations

6 Months Ended

Jul. 31, 2020

Business Combinations [Abstract]

Business Combinations

Visible Equity, LLC

On July 8, 2019, the Company acquired all outstanding membership interests of Visible Equity, LLC (“Visible Equity”) which provides financial analytics, portfolio management and compliance solutions to banks and credit unions. The Company acquired Visible Equity for its product offerings and the domain expertise of its employees. Visible Equity is headquartered in Salt Lake City, Utah.

The acquisition-date fair value of the consideration transferred is as follows:


	Total Consideration
Cash consideration to members	$	49,428
Voting common stock issued (1,438,805 shares)	23,812
Total consideration	$	73,240

The transaction was accounted for using the acquisition method and, as a result, assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The measurement period ended one year from the acquisition date.

Finsuite Pty Ltd

On October 18, 2019, the Company, through its wholly-owned subsidiary, nCino APAC Pty Ltd, acquired all of the outstanding shares of FinSuite Pty Ltd (“FinSuite”). The Company acquired FinSuite to enhance the Company’s data recognition capabilities, including of complex, unstructured data. FinSuite is headquartered in Melbourne, Australia.

The acquisition-date fair value of the consideration transferred is as follows:


	Total Consideration
Cash consideration to shareholders	$	3,928
Cash consideration to settle debt	137
Voting common stock issued (63,967 shares)	1,392
Contingent consideration - cash payment	197
Contingent consideration - voting common stock	5,857
Total consideration	$	11,511

Contingent consideration includes two tranches of earn-out arrangements based upon the attainment of post-acquisition product development milestones. The first tranche includes an earn-out opportunity of $0.1 million of cash and the issuance of 142,846 shares of voting common stock (together, the “Initial Tranche Earn-Out”). The Initial Tranche Earn-Out is conditioned upon the development of a stated product in accordance with mutually agreed upon functional requirements within a certain period from the date of acquisition. The second tranche includes an earn-out opportunity of $0.1 million of cash and the issuance of 142,846 shares of voting common stock (together, the “Final Tranche Earn-Out”). The Final Tranche Earn-Out is conditioned upon a customer’s use of the stated product in a production environment according to the mutually agreed upon functional requirements within a certain period from the date of acquisition. The Final Tranche Earn-Out is not conditioned upon the achievement of the Initial Tranche Earn-Out.

The cash portion of the contingent consideration of $0.2 million is included in other long-term liabilities and other accrued expenses in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2020 and July 31, 2020, respectively. The share portion of the contingent consideration was recorded as of the acquisition date and is reflected as a component of stockholders’ equity in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2020 and July 31, 2020.

Intangible Assets and Goodwill

6 Months Ended

Jul. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible assets

Intangible assets, net are as follows:


	As of January 31, 2020										As of July 31, 2020
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Acquired developed technology	$	6,008	$	(695)	$	5,313	$	6,172	$	(1,477)	$	4,695
Customer relationships	21,706		(937)		20,769		21,714		(1,773)		19,941
Trademarks	125		(114)		11		127		(127)		—
	$	27,839	$	(1,746)	$	26,093	$	28,013	$	(3,377)	$	24,636

The Company recognized amortization expense as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Cost of revenues	$	60	$	378	$	60	$	747
Sales and marketing	105		418		105		835
General and administrative	12		—		12		10
Total amortization expense	$	177	$	796	$	177	$	1,592

The expected future amortization expense for intangible assets as of July 31, 2020 is as follows:


Fiscal Year Ending January 31,
2021 (remaining)	1,606
2022	3,212
2023	3,212
2024	2,511
2025	1,670
Thereafter	12,425
	$	24,636

The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, future changes to expected asset lives of intangible assets and other events.

Goodwill

The carrying amount of goodwill was $55.8 million and $56.5 million as of January 31, 2020 and July 31, 2020, respectively. The change in goodwill is due to translation adjustments and was $0.0 million and $0.9 million for the three months ended July 31, 2019 and 2020, respectively, and $0.0 million and $0.7 million for the six months ended July 31, 2019 and 2020, respectively.

Reseller Agreement	6 Months Ended
Reseller Agreement	Jul. 31, 2020
Related Party Transactions [Abstract]
Reseller Agreement	Reseller AgreementThe Company has a reseller agreement in place with a related party to utilize their platform and to develop the Company’s cloud-based banking software as an application within the related party’s hosted environment. In June 2020, this agreement was renegotiated and expires in June 2027 and will automatically renew in annual increments thereafter unless either party gives notice of non-renewal before the end of the initial term or the respective renewal term. Cost of subscription revenues in each of the three and six months ended July 31, 2019 and 2020 substantially consists of fees paid for access to the related party’s platform, including their hosting infrastructure and data center operations. The Company has recorded expenses of $5.4 million and $8.7 million for the three months ended July 31, 2019 and 2020, respectively and $10.4 million and $16.2 million for the six months ended July 31, 2019 and 2020, respectively. See also Note 12.

Stockholders’ Equity

6 Months Ended

Jul. 31, 2020

Equity [Abstract]

Stockholders’ Equity

Stockholders’ EquityPursuant to the fourth certificate of amendment to the Company's third amended and restated certificate of incorporation dated July 6, 2020, each share of voting and non-voting common stock issued and outstanding prior to the effectiveness was reclassified into a single class of stock designated as common stock which has one vote per share. Subsequent to the effectiveness of the Company's amended and restated certificate of incorporation, the Company's common stock consists

of 500,000,000 authorized shares, par value $0.0005 per share and the Company's preferred stock consists of 10,000,000 authorized shares, par value $0.001 per share.

At July 31, 2020, the Company committed a total of 24,785,528 shares of common stock for future issuance as follows:


Issued and outstanding stock options			7,464,094
Nonvested issued and outstanding restricted stock units ("RSUs")			2,041,093
Possible issuance under stock plans			15,280,341
			24,785,528

Stock-Based Compensation

6 Months Ended

Jul. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

The Company has stock-based compensation plans that provide for the award of equity incentives, including stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based award and other stock-based awards. As of July 31, 2020, the Company had stock options outstanding under the 2014 Stock Plan ("2014 Plan") and the 2019 Equity Incentive Plan had stock options and RSUs outstanding. As of July 31, 2020, the Company also has an employee stock purchase plan.

In connection with the IPO, the Board of Directors adopted and stockholders approved an amended and restated 2019 Equity Incentive Plan ("2019 Plan") to, among other things as defined in the 2019 Plan document, increase the available shares under the Plan to 15,250,000, plus an annual increase added on the first day of each fiscal year, beginning with the fiscal year ending January 31, 2022, and continuing until, and including, the fiscal year ending January 31, 2031. The annual increase will be equal to the lesser of (i) 5% of the number of shares issued and outstanding as of January 31 of the immediately preceding fiscal year and (ii) an amount determined by the Company's Board of Directors. The Company ceased granting awards under the 2014 Plan during the fiscal year ended January 31, 2020, and all shares that remained available for issuance under the 2014 Plan were transferred to the 2019 Plan prior to the closing of the IPO. Additionally, the number of shares available under the 2019 Plan shall be increased by the number of shares outstanding under the 2014 Plan that expire, terminate or are canceled without having been exercised or settled in full.

Stock Options

Stock option activity during the six months ended July 31, 2020 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding, January 31, 2020	7,837,023	$	5.39
Granted	—	—
Expired or forfeited	(46,899)	10.87
Exercised	(326,030)	2.64
Outstanding, July 31, 2020	7,464,094	$	5.48
Exercisable, July 31, 2020	5,542,247	$	4.07
Fully vested or expected to vest, July 31, 2020	6,717,685	$	5.48

As of July 31, 2020, there was $5.5 million of total unrecognized compensation expense related to unvested stock-based compensation arrangements under the 2014 and 2019 Plans. That cost is expected to be recognized over a weighted average period of 1.53 years.

Restricted Stock Units

Restricted stock unit (“RSU”) activity during the six months ended July 31, 2020 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2020	948,119	$	21.75
Granted	1,120,054	20.07
Vested¹	(17,500)	20.00
Forfeited	(9,580)	21.53
Nonvested, July 31, 2020	2,041,093	$	20.84

¹Includes 17,500 RSUs that were not issued and outstanding as of July 31, 2020.

The RSUs granted prior to the IPO vest upon the satisfaction of both a service-based, generally over 4 years, vesting 25% annually, and liquidity event-based vesting condition. For RSUs granted to the non-employee members of the Board of Directors, some vest in less than a year, some annually and some over three years. The liquidity event-based condition was satisfied upon the completion of the IPO and the Company recognized an expense of $12.2 million in cost of revenues and operating expenses for RSUs as of that date, using the accelerated attribution recognition method.

As of July 31, 2020, total unrecognized compensation expense related to non-vested RSUs was $30.7 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. The weighted-average period to be recognized is 3.52 years.

Employee Stock Purchase Plan

In July 2020, the Board of Directors adopted and stockholders approved the Employee Stock Purchase Plan (the "ESPP"), which became effective immediately prior to the closing of the IPO. The ESPP includes two components, one component is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code (the "Code) and a component that does not qualify as an "employee stock purchase plan" under Section 423 of the Code. The ESPP initially reserved and authorized the issuance of up to a total of 1,800,000 shares of common stock to participating employees. The aggregate number of shares of the Company's common stock under the ESPP will automatically increase on the first day of each fiscal year, beginning with the first fiscal year ending January 31, 2022 and continuing until the fiscal year ended January 31, 2031, by an amount equal to the lesser of (i) 1% of the shares of the Company's common stock issued and outstanding on January 31 of the immediately preceding fiscal year, (ii) 1,800,000 shares of the Company's common stock or (iii) an amount determined by the Board of Directors. As of July 31, 2020, 1,800,000 shares of common stock remain available for grant under the ESPP.

The ESPP permits employees to purchase the Company's common stock through payroll deductions during six month offerings. The offering periods begin each January 1 and July 1, or such other period determined by the compensation committee. Eligible employees will purchase the shares at a price per share equal to the lesser of (i) 85% of the fair market value of a share of the Company's common stock on the first business day of such offering period and (ii) 85% of the fair market value of share of the Company's common stock on the last business day of such offering period, although the compensation committee has discretion to change the purchase price with respect to future offering periods, subject to terms of the ESPP.

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company leases its facilities and a portion of its equipment and licenses under various non-cancellable agreements, which expire at various times through July 2028 and require various minimum annual rentals. The Company’s agreements for the facilities and certain services provide the Company with the option to renew. The Company’s future contractual obligations would change if the Company exercised these options. The terms of the lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Total lease expense amounted to $2.1 million and $2.7 million for the three months ended July 31, 2019 and 2020, respectively and $3.9 million and $5.4 million for the six months ended July 31, 2019 and 2020, respectively. Indemnification In the ordinary course of business, the Company generally includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any material liabilities related to such obligations in the accompanying unaudited condensed consolidated financial statements.

Related-Party Transactions	6 Months Ended
Related-Party Transactions	Jul. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company’s main vendor is also an equity holder in the Company. Total payments related to the agreement with the related party are disclosed in Note 8. The Company also purchases services from this related party to assist in managing its own sales cycle, customer relationship management, and other business functions. The Company signed a three-year, non-cancellable agreement with the related party in December 2015 for the purchase of services and renewed in December 2018 for an additional two years. Total payments to the related party for these services recorded to expenses were $0.3 million and $0.3 million for the three months ended July 31, 2019 and 2020, respectively, and $0.5 million and $0.6 million for the six months ended July 31, 2019 and 2020, respectively and $1.1 million and $0.5 million were in prepaid expenses and other current assets as of January 31, 2020 and July 31, 2020, respectively. Accounts payable to the related party were $3.3 million and $4.0 million at January 31, 2020 and July 31, 2020, respectively, included in accounts payable, related parties. In the quarter ended July 31, 2020 certain equity holders no longer qualified as a related party of the Company and the amounts disclosed related to them are presented through April 30, 2020 only. Included in revenues from three equity holders, who are also customers of the Company, are $2.1 million and $0.0 million for the three months ended July 31, 2019 and 2020, respectively, and $4.3 million and $2.8 million for the six months ended July 31, 2019 and 2020, respectively. Deferred revenue, current portion, related parties was $8.0 million and $0.0 million as of January 31, 2020 and July 31, 2020, respectively. Accounts receivable, related parties was $9.2 million and $0.0 million as of January 31, 2020 and July 31, 2020, respectively. The Company has a banking relationship with one of its equity holders who was formerly considered a related party. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. Included in interest income is $0.2 million and $0.0 million for the three months ended July 31, 2019 and 2020, respectively, and $0.4 million and $0.1 million for the six months ended July 31, 2019 and 2020, respectively. The Company made an agreement with one of its equity holders in May 2016 to spend an agreed-upon amount of funds over a three-year period to further the alliance between the two companies. In July 2019, the agreement was extended for an additional three years. As of July 31, 2020, the Company was in compliance with the terms of the agreement. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. There were no amounts spent for the three months ended July 31, 2019 and 2020 and $0.02 million and $0.0 million for the six months ended July 31, 2019 and 2020, respectively. As of July 31, 2020, there was a $0.2 million obligation remaining which is expected to be fulfilled within one year.

Basic and Diluted Loss per Share

6 Months Ended

Jul. 31, 2020

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share

Basic loss per share is computed by dividing net loss attributable to nCino, Inc. by the weighted-average number of common shares outstanding for the fiscal period. Diluted loss per share is computed by giving effect to all potential weighted average dilutive common stock, including options. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. Diluted loss per share for the three months ended July 31, 2019 and 2020 and for the six months ended July 31, 2019 and 2020 is the same as the basic loss per share as there was a net loss for those periods, and inclusion of potentially issuable shares was anti-dilutive.

The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data):


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Basic loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(8,502)	$	(14,646)	$	(11,921)	$	(19,415)
Denominator
Weighted-average common shares outstanding	76,420,098		84,629,777		76,206,900		83,112,132
Basic loss per share attributable to nCino, Inc.	$	(0.11)	$	(0.17)	$	(0.16)	$	(0.23)
Dilutive loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(8,502)	$	(14,646)	$	(11,921)	$	(19,415)
Denominator
Weighted-average common shares outstanding	76,420,098		84,629,777		76,206,900		83,112,132
Dilutive loss per share attributable to nCino, Inc.	$	(0.11)	$	(0.17)	$	(0.16)	$	(0.23)

The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive:


	July 31,
	2019	2020
Stock options issued and outstanding	8,008,329	7,464,094
Nonvested RSUs issued and outstanding	—	2,041,093

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jul. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Principles of Consolidation and Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included for the Company’s audited January 31, 2020 consolidated financial statements contained in the Company's final prospectus for its IPO dated as of July 13, 2020 and filed with the SEC pursuant to Rule 424(b)(4) on July 14, 2020. The unaudited condensed consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries, as well as a variable interest entity in which the Company is the primary beneficiary. All intercompany accounts and transactions are eliminated. Refer to the variable interest entity section below and Note 3 for additional information regarding the Company’s variable interest entity. The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2021 or any future period.
Variable Interest Entity	Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity or VIE. nCino K.K. is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity investment, the Company has not provided financial or other support to nCino K.K. that it was not contractually obligated to provide. The assets of the VIE can only be used to settle the obligations of the VIE and the creditors of the VIE do not have recourse to the Company. The assets and liabilities of the VIE were not significant to the Company’s consolidated financial statements except for cash which is reflected on the unaudited condensed consolidated balance sheets. Refer to Note 3 for additional information regarding the Company’s variable interest.
Redeemable Non-Controlling Interest	Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either (i) at the option of the minority investors or (ii) at the option of the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the unaudited condensed consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.”
Use of Estimates	Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, stand-alone selling price, and other revenue items requiring significant judgement; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; fair value of contingent consideration; the useful lives of intangible assets; the valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates.
Concentration of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2020 and July 31, 2020. The Company maintains its cash and cash equivalents with high-credit-quality financial institutions.
Accounts Receivable and Allowances	Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. We recognize a contract asset in the form of accounts receivable when we have an unconditional right to payment, and we record a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for professional services performed but not yet billed and (ii) revenues recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. Accounts receivable are reported at their gross outstanding balance reduced by an allowance for estimated receivable losses.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, and early adoption is permitted. An entity is permitted to early adopt either the entire standard or only the provisions that eliminate or modify requirements. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. This standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The Company prospectively adopted the standard effective February 1, 2020. The adoption of this standard did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities, which addresses the cost and complexity of financial reporting associated with consolidation of variable interest entities (“VIE”). ASU 2018-17 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2019, and interim periods within annual periods beginning after December 15, 2020, with early adoption permitted. The new guidance must be applied on a retrospective basis as a cumulative-effect adjustment as of the date of adoption. The adoption of this standard did not impact the Company’s unaudited condensed consolidated financial statements or related disclosures upon adoption, because the Company did not, and currently does not, have any indirect interests through related parties under common control for which it receives decision-making fees. Recent Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The standard will affect all entities that lease assets and will require lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of less than one year) as of the date on which the lessor makes the underlying asset available to the lessee. For lessors, accounting for leases is substantially the same as in prior periods. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, to clarify how to apply certain aspects of the new leases standard. ASU 2016-02, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, and early adoption is permitted. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13, as subsequently amended for various technical issues, is effective for emerging growth companies following private company adoption dates for fiscal years beginning after December 15, 2022 and for interim periods within those fiscal years. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is currently evaluating the impact of this standard to the Company's financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for emerging growth companies following private company adoption dates in fiscal years beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022, with early adoption permitted, including adoption in an interim period. If the Company were to cease meeting the emerging growth company criteria during the fiscal year ending January 31, 2022, this ASU would be effective for the Company for its Annual Report on 10-K for the fiscal year ended January 31, 2022. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s financial statements.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 31, 2020

Accounting Policies [Abstract]

Activity in Allowance for Doubtful Accounts

A summary of activity in the allowance for doubtful accounts is as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Balance, beginning of period	$	—	$	167	$	123	$	—
Charged to (recovery of) bad debt expense	—		452		(105)		619
Write off of uncollectible accounts	—		—		(18)		—
Translation adjustments	—		3		—		3
Balance, end of period	$	—	$	622	$	—	$	622

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

6 Months Ended

Jul. 31, 2020

Noncontrolling Interest [Abstract]

Temporary Equity

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


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Balance, beginning of period	$	—	$	4,384	$	—	$	4,356
Net loss attributable to redeemable non-controlling interest	—		(232)		—		(408)
Foreign currency translation	—		78		—		169
Adjustment to redeemable non-controlling interest	—		154		—		267
Balance, end of period	$	—	$	4,384	$	—	$	4,384

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2020 and July 31, 2020 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2020
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	67,119	$	—	$	—
Total assets	$	67,119	$	—	$	—
Liabilities:
Contingent consideration (included in other long-term liabilities)	$	—	$	—	$	195
Total liabilities	$	—	$	—	$	195


	Fair value measurements on a recurring basis as of July 31, 2020
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	353,857	$	—	$	—
Total assets	$	353,857	$	—	$	—
Liabilities:
Contingent consideration (included in other accrued expenses)	$	—	$	—	$	209
Total liabilities	$	—	$	—	$	209

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

A reconciliation of the balance for contingent consideration obligations for the three and six months ended July 31, 2020 is as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Balance, beginning of period	$	—	$	190	$	—	$	195
Acquisitions	—		—		—		—
Change in fair value	—		—		—		—
Translation adjustments	—		19		—		14
Balance, end of period	$	—	$	209	$	—	$	209

Revenues (Tables)

6 Months Ended

Jul. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue by Geographic Region

Revenues by geographic region were as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
United States	$	29,653	$	44,049	$	57,332	$	84,520
International	$	2,325	$	4,716	$	4,482	$	8,957
	$	31,978	$	48,765	$	61,814	$	93,477

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2020 and July 31, 2020:


	As of January 31, 2020		As of July 31, 2020
Trade accounts receivable	$	32,686	$	29,082
Unbilled accounts receivable	1,425		1,321
Allowance for doubtful accounts	—		(622)
Other accounts receivable	94		447
Total accounts receivable, net	$	34,205	$	30,228

Business Combinations (Tables)

6 Months Ended

Jul. 31, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition-date fair value of the consideration transferred is as follows:


	Total Consideration
Cash consideration to members	$	49,428
Voting common stock issued (1,438,805 shares)	23,812
Total consideration	$	73,240

The acquisition-date fair value of the consideration transferred is as follows:


	Total Consideration
Cash consideration to shareholders	$	3,928
Cash consideration to settle debt	137
Voting common stock issued (63,967 shares)	1,392
Contingent consideration - cash payment	197
Contingent consideration - voting common stock	5,857
Total consideration	$	11,511

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jul. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets, net are as follows:


	As of January 31, 2020										As of July 31, 2020
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Acquired developed technology	$	6,008	$	(695)	$	5,313	$	6,172	$	(1,477)	$	4,695
Customer relationships	21,706		(937)		20,769		21,714		(1,773)		19,941
Trademarks	125		(114)		11		127		(127)		—
	$	27,839	$	(1,746)	$	26,093	$	28,013	$	(3,377)	$	24,636

Finite-lived Intangible Assets Amortization Expense

The Company recognized amortization expense as follows:


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Cost of revenues	$	60	$	378	$	60	$	747
Sales and marketing	105		418		105		835
General and administrative	12		—		12		10
Total amortization expense	$	177	$	796	$	177	$	1,592

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization expense for intangible assets as of July 31, 2020 is as follows:


Fiscal Year Ending January 31,
2021 (remaining)	1,606
2022	3,212
2023	3,212
2024	2,511
2025	1,670
Thereafter	12,425
	$	24,636

Stockholders’ Equity (Tables)

6 Months Ended

Jul. 31, 2020

Equity [Abstract]

Schedule of Stock by Class

At July 31, 2020, the Company committed a total of 24,785,528 shares of common stock for future issuance as follows:


Issued and outstanding stock options			7,464,094
Nonvested issued and outstanding restricted stock units ("RSUs")			2,041,093
Possible issuance under stock plans			15,280,341
			24,785,528

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jul. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Option Activity

Stock option activity during the six months ended July 31, 2020 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding, January 31, 2020	7,837,023	$	5.39
Granted	—	—
Expired or forfeited	(46,899)	10.87
Exercised	(326,030)	2.64
Outstanding, July 31, 2020	7,464,094	$	5.48
Exercisable, July 31, 2020	5,542,247	$	4.07
Fully vested or expected to vest, July 31, 2020	6,717,685	$	5.48

Schedule of Nonvested Restricted Stock Units Activity

Restricted stock unit (“RSU”) activity during the six months ended July 31, 2020 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2020	948,119	$	21.75
Granted	1,120,054	20.07
Vested¹	(17,500)	20.00
Forfeited	(9,580)	21.53
Nonvested, July 31, 2020	2,041,093	$	20.84

¹Includes 17,500 RSUs that were not issued and outstanding as of July 31, 2020.

Basic and Diluted Loss per Share (Tables)

6 Months Ended

Jul. 31, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data):


	Three Months Ended July 31,						Six Months Ended July 31,
	2019		2020		2019		2020
Basic loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(8,502)	$	(14,646)	$	(11,921)	$	(19,415)
Denominator
Weighted-average common shares outstanding	76,420,098		84,629,777		76,206,900		83,112,132
Basic loss per share attributable to nCino, Inc.	$	(0.11)	$	(0.17)	$	(0.16)	$	(0.23)
Dilutive loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(8,502)	$	(14,646)	$	(11,921)	$	(19,415)
Denominator
Weighted-average common shares outstanding	76,420,098		84,629,777		76,206,900		83,112,132
Dilutive loss per share attributable to nCino, Inc.	$	(0.11)	$	(0.17)	$	(0.16)	$	(0.23)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	July 31,
	2019	2020
Stock options issued and outstanding	8,008,329	7,464,094
Nonvested RSUs issued and outstanding	—	2,041,093

Organization and Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 13, 2020	Jul. 31, 2020	Jan. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in USD per share)		$ 0.0005	$ 0.0005
Common stock, shares authorized (in shares)		500,000,000	0
Preferred stock, par value (in USD per share)		$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)		10,000,000	1,000,000
IPO
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in USD per share)		$ 0.0005
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Initial public offering (in shares)	9,269,000
Initial public offering price (in USD per share)	$ 31.00
Consideration received from IPO	$ 268,400

Summary of Significant Accounting Policies - Concentration of Credit Risk and Significant Customers (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020
Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage		22.00%
Equity Holder
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%
One Customer
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%

Summary of Significant Accounting Policies - Summary of Uncollectible Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 167	$ 0	$ 0	$ 123
Charged to (recovery of) bad debt expense	452	0	619	(105)
Write off of uncollectible accounts	0	0	0	(18)
Translation adjustments	3	0	3	0
Balance, end of period	$ 622	$ 0	$ 622	$ 0

Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Details) - nCino K.K - USD ($) $ in Millions	Oct. 31, 2019	Apr. 30, 2020
Schedule of Equity Method Investments [Line Items]
Payments to noncontrolling interests	$ 4.7
Estimated redeemable noncontrolling interest redemption Value		$ 0.3
nCino K.K
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent	0.51%

Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured At Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	$ 4,384	$ 0	$ 4,356	$ 0
Net loss attributable to redeemable non-controlling interest	(232)	0	(408)	0
Foreign currency translation	78	0	169	0
Adjustment to redeemable non-controlling interest	154	0	267	0
Balance, end of period	$ 4,384	$ 0	$ 4,384	$ 0

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Fair Value of Financial Instruments - Summary of Financial Assets (Details) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Level 1
Assets:
Total assets	$ 353,857	$ 67,119
Liabilities:
Contingent consideration (included in other long-term liabilities)	0	0
Total liabilities	0	0
Level 1 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	353,857	67,119
Level 2
Assets:
Total assets	0	0
Liabilities:
Contingent consideration (included in other long-term liabilities)	0	0
Total liabilities	0	0
Level 2 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	0	0
Level 3
Assets:
Total assets	0	0
Liabilities:
Contingent consideration (included in other long-term liabilities)	209	195
Total liabilities	209	195
Level 3 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	$ 0	$ 0

Fair Value of Financial Instruments - Reconciliation for Contingent Consideration Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 190	$ 0	$ 195	$ 0
Acquisitions	0	0	0	0
Change in fair value	0	0	0	0
Translation adjustments	19	0	14	0
Balance, end of period	$ 209	$ 0	$ 209	$ 0

Revenues - Revenue By Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 48,765	$ 31,978	$ 93,477	$ 61,814
United States
Disaggregation of Revenue [Line Items]
Total revenues	44,049	29,653	84,520	57,332
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,716	$ 2,325	$ 8,957	$ 4,482

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade accounts receivable	$ 29,082	$ 32,686
Unbilled accounts receivable	1,321	1,425
Allowance for doubtful accounts	(622)	0
Other accounts receivable	447	94
Total accounts receivable, net	$ 30,228	$ 34,205

Revenues - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue, current portion	$ 84,288	$ 50,929
Remaining performance obligation amount	455,700
Contract with customer, liability, revenue recognized	$ 43,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	66.00%
Remaining performance obligation, expected timing of satisfaction	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	30.00%
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	25 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	48 months

Business Combinations - Acquisition of Visible Equity, LLC Consideration Transferred (Details) - Visible Equity, LLC $ in Thousands	Jul. 08, 2019 USD ($) shares
Business Acquisition [Line Items]
Cash consideration to members	$ 49,428
Stock issuance related to business combinations	23,812
Total consideration	$ 73,240
Voting Common Stock
Business Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares) \| shares	1,438,805

Business Combinations - Acquisition of Finsuite Pty Ltd Consideration Transferred (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Oct. 18, 2019	Jul. 31, 2020	Jan. 31, 2020
Business Acquisition [Line Items]
Contingent consideration - cash payment		$ 200	$ 200
FinSuite Pty Ltd
Business Acquisition [Line Items]
Cash consideration to shareholders	$ 3,928
Contingent consideration	137
Contingent consideration - cash payment	197
Total consideration	11,511
FinSuite Pty Ltd \| Voting Common Stock
Business Acquisition [Line Items]
Contingent consideration	$ 5,857
Equity interest issued or issuable, number of shares (in shares)	63,967
Stock issuance related to business combinations	$ 1,392

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration - cash payment	$ 200	$ 200
First Initial Tranche Earn-Out
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration - cash payment	$ 100
Equity interest issued or issuable, number of shares (in shares)	142,846
Second Initial Tranche Earn-Out
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration - cash payment	$ 100
Equity interest issued or issuable, number of shares (in shares)	142,846

Intangible Assets and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 28,013	$ 27,839
Accumulated Amortization	(3,377)	(1,746)
Net Carrying Amount	24,636	26,093
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	6,172	6,008
Accumulated Amortization	(1,477)	(695)
Net Carrying Amount	4,695	5,313
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	21,714	21,706
Accumulated Amortization	(1,773)	(937)
Net Carrying Amount	19,941	20,769
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	127	125
Accumulated Amortization	(127)	(114)
Net Carrying Amount	$ 0	$ 11

Intangible Assets and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 796	$ 177	$ 1,592	$ 177
Cost of subscription revenues
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	378	60	747	60
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	418	105	835	105
General and administrative
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0	$ 12	$ 10	$ 12

Intangible Assets and Goodwill - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining)	$ 1,606
2022	3,212
2023	3,212
2024	2,511
2025	1,670
Thereafter	12,425
Net Carrying Amount	$ 24,636	$ 26,093

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 56,527		$ 56,527		$ 55,840
Foreign currency translation gain (loss)	$ 900	$ 0	$ 700	$ 0

Reseller Agreement - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Affiliated Entity \| Reseller Agreement [Member]
Related Party Transaction [Line Items]
Related party costs	$ 8.7	$ 5.4	$ 16.2	$ 10.4

Stockholders’ Equity - Narrative (Details) - $ / shares	Jul. 31, 2020	Jul. 13, 2020	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000		1,000,000
Common stock, par value (in USD per share)	$ 0.0005		$ 0.0005
Common stock, shares authorized (in shares)	500,000,000		0
Preferred stock, par value (in USD per share)	$ 0.001		$ 0.001
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in USD per share)	$ 0.0005
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001

Stockholders’ Equity - Common Stock Future Issuance (Details) - shares	Jul. 31, 2020	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued and outstanding stock options (in shares)	7,464,094	7,837,023
Possible issuance under stock plans (in shares)	15,280,341
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued and outstanding stock options (in shares)	7,464,094
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested issued and outstanding restricted stock units (in shares)	2,041,093	948,119
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for future issuance (in shares)	24,785,528
Common Stock reserved for future issuance (in shares)	24,785,528

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement expense	$ 13,269	$ 2,492	$ 14,320	$ 3,601
Share-based Payment Arrangement \| 2019 Equity Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of additional shares authorized (in shares)			15,250,000
Percent increase in aggregate shares			5.00%
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	5,500		$ 5,500
Unrecognized compensation costs period for recognition			1 year 6 months 10 days
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 30,700		$ 30,700
Unrecognized compensation costs period for recognition			3 years 6 months 7 days
Award vesting period			4 years
Award vesting rights, percentage			25.00%
Share-based payment arrangement expense			$ 12,200
Employee Stock \| Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percent increase in aggregate shares			1.00%
Number of shares authorized (in shares)	1,800,000		1,800,000
Purchase price of common stock, percent			85.00%

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jul. 31, 2020
Number of Shares
Outstanding, January 31, 2020 (in shares)	7,837,023
Granted (in shares)	0
Expired or forfeited (in shares)	(46,899)
Exercised (in shares)	(326,030)
Outstanding, July 31, 2020 (in shares)	7,464,094
Exercisable, July 31, 2020	5,542,247
Fully vested or expected to vest, July 31, 2020 (in shares)	6,717,685
Weighted Average Exercise Price
Outstanding, January 31, 2020 (in USD per share)	$ 5.39
Granted (in USD per share)	0
Expired or forfeited (in USD per share)	10.87
Exercised (in USD per share)	2.64
Outstanding, July 31, 2020 (in USD per share)	5.48
Exercisable, July 31, 2020 (in USD per share)	4.07
Fully vested or expected to vest, July 31, 2020 (in USD per share)	$ 5.48

Stock-Based Compensation - RSUs Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jul. 31, 2020 $ / shares shares
Number of Shares
Nonvested, January 31, 2020 (in shares) \| shares	948,119
Granted (in shares) \| shares	1,120,054
Vested (in shares) \| shares	(17,500)
Forfeited (in shares) \| shares	(9,580)
Nonvested, July 31, 2020 (in shares) \| shares	2,041,093
Weighted Average Grant Date Fair Value
Nonvested, January 31, 2020 (in USD per share) \| $ / shares	$ 21.75
Granted (in USD per share) \| $ / shares	20.07
Vested (in USD per share) \| $ / shares	20.00
Forfeited (in USD per share) \| $ / shares	21.53
Nonvested, July 31, 2020 (in USD per share) \| $ / shares	$ 20.84

Commitment and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Lease expense	$ 2.7	$ 2.1	$ 5.4	$ 3.9

Related-Party Transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Related-Party Transactions (Details) $ in Thousands	Jul. 31, 2020 USD ($) equityHolder	Jul. 31, 2019 USD ($)	Jul. 31, 2020 USD ($) equityHolder	Jul. 31, 2019 USD ($)	Jan. 31, 2020 USD ($)
Related Party Transaction [Line Items]
Related party, non-cancellable agreement, term (in years)			3 years
Related party, non-cancellable agreement, renewal term (in years)			2 years
Deferred revenue, current portion	$ 84,288		$ 84,288		$ 50,929
Accounts receivable, related parties	0		$ 0		9,200
Fund Spending Agreement
Related Party Transaction [Line Items]
Related party transaction, term of agreement (in years)			3 years
Remaining obligation, expected fulfillment period			1 year
Affiliated Entity
Related Party Transaction [Line Items]
Deferred revenue, current portion	0		$ 0		8,013
Affiliated Entity \| Agreement For Purchase Of Service
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party	$ 300	$ 300	$ 600	$ 500
Affiliated Entity \| Transactions With Certain Equity Holders
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder	3		3
Revenue from related parties	$ 0	2,100	$ 2,800	4,300
Deferred revenue, current portion	$ 0		$ 0		8,000
Affiliated Entity \| Banking Relationship [Member]
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder	1		1
Interest income, related party	$ 0	$ 200	$ 100	400
Affiliated Entity \| Fund Spending Agreement
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder	1		1
Related party agreement, length of agreement (in years)			3 years
Total amount spent for agreement	$ 0		$ 0	$ 20
Remaining obligation, amount	200		200
Prepaid Expenses and Other Current Assets \| Affiliated Entity \| Agreement For Purchase Of Service
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party			1,100		500
Accounts Payable \| Affiliated Entity \| Agreement For Purchase Of Service
Related Party Transaction [Line Items]
Due to related parties, current	$ 4,000		$ 4,000		$ 3,300

Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Basic loss per share:
Net loss attributable to nCino, Inc.	$ (14,646)	$ (8,502)	$ (19,415)	$ (11,921)
Denominator
Weighted average-common shares outstanding basic (in shares)	84,629,777	76,420,098	83,112,132	76,206,900
Basic loss per share attributable to nCino, Inc. (in USD per share)	$ (0.17)	$ (0.11)	$ (0.23)	$ (0.16)
Denominator
Weighted average-common shares outstanding diluted (in shares)	84,629,777	76,420,098	83,112,132	76,206,900
Diluted loss per share attributable to nCino, Inc. (in USD per share)	$ (0.17)	$ (0.11)	$ (0.23)	$ (0.16)

- Definition

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

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- 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.

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- 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

Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Details) - shares	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	7,464,094	8,008,329
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	2,041,093	0