0001193125-20-263982 | S-1 | XBRL Viewer

$ 48,765

$ 31,978

$ 93,477

$ 61,814

$ 138,180

$ 91,534

$ 58,142

Cost of Revenues

22,587

14,770

41,453

28,808

64,070

46,451

30,471

26,178

17,208

52,024

33,006

74,110

45,083

27,671

Operating Expenses

15,626

^[1]

10,453

^[1]

27,852

^[1]

18,468

^[1]

44,440

31,278

20,954

General and administrative

15,292

^[1]

8,272

^[1]

26,257

^[1]

15,638

^[1]

35,304

22,230

16,559

10,953

^[1]

6,430

^[1]

17,879

^[1]

10,339

^[1]

22,536

14,791

8,933

Loss before income tax expense

41,871

25,155

71,988

44,445

102,280

68,299

46,446

Loss from operations

(15,693)

(7,947)

(19,964)

(11,439)

(28,170)

(23,216)

(18,775)

Non-operating Income (Expense)

Interest income

265

211

583

988

1,193

260

Other

1,117

(618)

597

(727)

(89)

(24)

(14,521)

(8,300)

(19,156)

(11,583)

(27,149)

(22,112)

(18,539)

Income tax expense

203

202

400

338

586

194

Net loss

(14,724)

(8,502)

(19,556)

(11,921)

(27,735)

(22,306)

(18,589)

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

(232)

(408)

(141)

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

154

267

Net loss per share attributable to nCino, Inc.:

$ (14,646)

$ (8,502)

$ (19,415)

$ (11,921)

$ (27,594)

$ (22,306)

$ (18,589)

Basic and diluted (in dollars per share)

$ (0.17)

$ (0.11)

$ (0.23)

$ (0.16)

$ (0.35)

$ (0.30)

$ (0.27)

Weighted average number of common shares outstanding:

Basic and diluted (in shares)

84,629,777

76,420,098

83,112,132

76,206,900

78,316,794

74,593,709

68,290,570

License and Service

Revenues

$ 39,351

$ 23,110

$ 74,182

$ 44,142

$ 103,265

$ 64,458

$ 38,048

Cost of Revenues

11,920

^[1]

7,083

^[1]

22,019

^[1]

13,585

^[1]

31,062

19,995

12,581

Professional Services

Revenues

9,414

8,868

19,295

17,672

34,915

27,076

20,094

Cost of Revenues

Summary of Significant Accounting Policies

$ 10,667

^[1]

$ 7,687

^[1]

$ 19,434

^[1]

$ 15,223

^[1]

$ 33,008

$ 26,456

$ 17,890

[1]	Includes stock-based compensation expense as follows

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Total stock-based compensation expense	$ 13,269	$ 2,492	$ 14,320	$ 3,601	$ 5,745	$ 4,095	$ 3,826
Cost of subscription revenues
Total stock-based compensation expense					1,517	1,487	1,357
Sales and marketing
Total stock-based compensation expense	3,346	315	3,661	607	1,260	1,078	940
Research and development
Total stock-based compensation expense	3,031	305	3,340	611	1,245	1,056	1,070
General and administrative
Total stock-based compensation expense	4,368	1,501	4,468	1,623	1,723	474	459
License and Service
Revenue from related parties	0	2,112	2,439	3,867	7,768	7,929	5,411
Related party costs	8,700	5,361	16,210	10,420	$ 22,844	$ 15,373	$ 9,530
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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,724)	$ (8,502)	$ (19,556)	$ (11,921)	$ (27,735)	$ (22,306)	$ (18,589)
Other comprehensive income (loss):
Foreign currency translation	467	391	779	449	(403)	(27)	6
Other comprehensive income	467	391	779	449	(403)	(27)	6
Comprehensive loss	(14,257)	(8,111)	(18,777)	(11,472)	(28,138)	(22,333)	(18,583)
Less comprehensive loss attributable to redeemable non-controlling interest:
Net loss attributable to redeemable non-controlling interest	(232)	0	(408)	0	(141)	0	0
Foreign currency translation attributable to redeemable non-controlling interest	78	0	169	0	(16)	0	0
Comprehensive loss attributable to redeemable non-controlling interest	(154)	0	(239)	0	(157)	0	0
Comprehensive loss attributable to nCino, Inc.	$ (14,103)	$ (8,111)	$ (18,538)	$ (11,472)	$ (27,981)	$ (22,333)	$ (18,583)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	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, 2017				56,311,950	10,291,754
Balance, beginning of year at Jan. 31, 2017	$ 22,634			$ 28	$ 5	$ 86,458	$ 0	$ (63,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of non-voting common stock to voting common stock (in shares)				4,590,319	(4,590,319)
Conversion of non-voting common stock to voting common stock				$ 2	$ (2)
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares)				5,743,054
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	$ 69,196			$ 3		69,193
Exercise of stock options (in shares)	695,384			695,384
Exercise of stock options	$ 941					941
Stock-based compensation	3,826					3,826
Other comprehensive income (loss)	6						6
Net loss	(18,589)							(18,589)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(18,589)
Balance, end of year (in shares) at Jan. 31, 2018				67,340,707	5,701,435
Balance, end of year at Jan. 31, 2018	$ 78,014			$ 33	$ 3	160,418	6	(82,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	2,845,482			2,845,482
Exercise of stock options	$ 6,260			$ 2		6,258
Stock-based compensation	4,095					4,095
Other comprehensive income (loss)	(27)						(27)
Net loss	(22,306)							(22,306)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(22,306)
Balance, end of year (in shares) at Jan. 31, 2019				70,186,189	5,701,435
Balance, end 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]
Net loss	(3,419)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(3,419)
Balance, end of year (in shares) at Apr. 30, 2019				70,318,021	5,701,435
Balance, end of year at Apr. 30, 2019	75,478			$ 35	$ 3	172,152	37	(96,749)
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 (loss)	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 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]
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares)				3,448,276	229,885
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	79,948			$ 2		79,946
Stock issuance related to business combinations (in shares)				1,502,772
Stock issuance related to business combinations	25,204			$ 1		25,203
Contingent consideration related to business combination	$ 5,857					5,857
Exercise of stock options (in shares)	458,770			458,770	(1)
Exercise of stock options	$ 1,042					1,042
Stock-based compensation	5,745					5,745
Other comprehensive income (loss)	(387)						(387)
Net loss	(27,735)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(27,594)							(27,594)
Balance, end of year (in shares) at Jan. 31, 2020			0	75,596,007	5,931,319
Balance, end of year at Jan. 31, 2020	167,273		$ 0	$ 38	$ 3	288,564	(408)	(120,924)
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
Exercise of stock options (in shares)				56,269
Exercise of stock options	265					265
Stock-based compensation	2,492					2,492
Other comprehensive income (loss)	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 (loss)	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 (loss)	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)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2018
Statement of Stockholders' Equity [Abstract]
Stock issuance Cost	$ 52	$ 109

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Cash Flows from Operating Activities
Net loss attributable to nCino, Inc.	$ (19,415)	$ (11,921)	$ (27,594)	$ (22,306)	$ (18,589)
Net loss and adjustment attributable to redeemable non-controlling interest	(141)	0	(141)	0	0
Net loss	(19,556)	(11,921)	(27,735)	(22,306)	(18,589)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,500	1,451	4,609	1,458	970
Amortization of costs capitalized to obtain revenue contracts	2,430	1,532	3,243	0	0
Stock-based compensation	14,320	3,601	5,745	4,095	3,826
Deferred income taxes	40	76	195	0	0
Provision for (recovery of) bad debt	619	(105)	(105)	103	(329)
Change in operating assets and liabilities:
Accounts receivable	3,365	38	(9,289)	(10,212)	(7,512)
Accounts receivable, related parties	9,201	4,178	(4,867)	4,557	(4,919)
Costs capitalized to obtain revenue contracts	(3,615)	(1,836)	(5,631)	0	0
Prepaid expenses and other assets	(13)	(131)	(1,628)	(1,185)	(2,124)
Accounts payable and accrued expenses and other liabilities	(4,115)	(2,085)	2,286	3,922	2,252
Accounts payable, related parties	620	453	1,184	781	(331)
Deferred rent	(65)	1,066	1,045	695	0
Deferred revenues	33,188	18,173	20,873	14,214	7,096
Deferred revenues, related parties	(8,013)	(3,783)	1,077	(711)	3,702
Net cash provided by operating activities	31,906	10,707	(8,998)	(4,589)	(15,958)
Cash Flows from Investing Activities
Acquisition of business, net of cash acquired	0	(48,219)	(52,267)	0	0
Purchases of property and equipment	(2,936)	(2,624)	(5,760)	(7,965)	(2,837)
Net cash used in investing activities	(2,936)	(50,843)	(58,027)	(7,965)	(2,837)
Cash Flows from Financing Activities
Investment from redeemable non-controlling interest			4,513	0	0
Proceeds from initial public offering, net of underwriting discounts and commissions	268,375	0
Proceeds from stock issuance			80,000	0	69,305
Payments of costs related to initial public offering	(1,345)	0	(52)	0	(109)
Exercise of stock options	861	537	1,042	6,260	941
Payments of deferred costs			(1,412)	0	0
Net cash provided by financing activities	267,891	537	84,091	6,260	70,137
Effect of foreign currency exchange rate changes on cash and cash equivalents	146	534	(229)	(35)	12
Net (decrease) increase in cash and cash equivalents	297,007	(39,065)	16,837	(6,329)	51,354
Cash and Cash Equivalents, beginning of period	91,184	74,347	74,347	80,676	29,322
Cash and Cash Equivalents, end of period	388,191	35,282	91,184	74,347	80,676
Supplemental disclosure of cash flow information
Cash paid during the year for taxes, net of refunds	236	289	369	42	0
Supplemental disclosure of noncash investing and financing activities
Purchase of property and equipment, accrued but not paid	86	138	45	118	0
Deferred costs, accrued but not paid			357	0	0
Fair value of common stock issued as consideration for business acquisition	0	23,812	25,204	0	0
Fair value of contingent consideration in connection with business acquisition in other long-term liabilities			197	0	0
Costs related to initial public offering, accrued but not paid	1,420	0
Fair value of contingent consideration in connection with business acquisition included in equity			$ 5,857	$ 0	$ 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	12 Months Ended
Organization and Description of Business	Jul. 31, 2020	Jan. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1. 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.	Note 1. Organization and Description of Business Description of Business: nCino, Inc. (“nCino” or the “Company”) is a software-as-a-service (SaaS) company that provides software applications to financial institutions to streamline customer and employee interactions. The Company is headquartered in Wilmington, North Carolina and has offices in Salt Lake City, London, Sydney, Melbourne, Toronto and Tokyo. The Company was organized as a North Carolina limited liability company named BANKR, LLC on December 13, 2011. On April 3, 2012, the Company was renamed nCino, LLC. The Company was re-incorporated in the State of Delaware on December 18, 2013. On September 27, 2016, the Company created a wholly-owned subsidiary called nCino GBU, Inc. to facilitate an agreement with a customer. nCino GBU, Inc. was dissolved on August 14, 2018. During the fiscal year ended January 31, 2018, the Company created wholly-owned subsidiaries nCino APAC PTY Ltd, nCino Canada, Inc., and nCino Global Ltd in Australia, Canada, and the United Kingdom, respectively, to expand to Canada, Asia Pacific, and Europe. Fiscal Year End: The Company’s fiscal year ends on January 31.

Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Accounting Policies [Abstract]

Note 2. 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.

Note 2. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation: These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) as set forth in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The 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 disclosures in Note 2 and Note 3 for additional information regarding the Company’s variable interest entity.

Effective February 1, 2019, the Company adopted the requirement of Accounting Standards Update, or ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”) utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standards in effect for those periods. The new revenue standard was applied to contracts that were not completed as of the adoption date, consistent with transition guidance. Adoption of the new revenue standard resulted in changes to accounting policies for revenue recognition and sales commissions.

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 financial statements except for cash which is reflected on the consolidated balance sheets. Refer to Note 3 for additional information regarding the Company’s variable interest.

Redeemable Non-Controlling Interest: nCino K.K. has a redeemable non-controlling interest. 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 consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.”

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. 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 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, standalone 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 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, which were based upon circumstances that existed as of the date of the consolidated financial statements, January 31, 2020. Subsequent to this date, there have been significant changes to the global economic environment as a consequence of the COVID-19 pandemic. It is possible that this could cause changes to estimates as a result of the financial circumstances of the markets in which the Company operates, the Company’s reporting unit’s fair value in comparison to the Company’s carrying value, and the health of the global economy. Such changes to estimates could potentially result in impacts that would be material to the consolidated financial statements, particularly with respect to the fair value of the Company’s reporting units in relation to potential goodwill impairment and the fair value of long-lived assets in relation to potential impairment.

Operating Segments: The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, which is the Company’s chief executive officer, in deciding how to make operating decisions, allocate resources and assess performance. The Company’s chief operating decision maker allocates resources and assesses performance at the consolidated level.

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 exceed the Federal deposit insurance limit at January 31, 2019 and 2020. The Company maintains its cash and cash equivalents with high-credit-quality financial institutions.

For the fiscal year ended January 31, 2018, three customers represented 20% of total revenues, 14% of which was from two customers who are also equity holders in the Company. These three customers also represented 58% of accounts receivable as of January 31, 2018, of which 40% was from the two customers who are also equity holders. For the fiscal year ended January 31, 2019, two customers represented 9% of total revenues, 4% of which was also from a customer who is an equity holder in the Company. These two customers also represented 29% of accounts receivable as of January 31, 2019, of which 14% was from the customer who is an equity holder. For the fiscal year ended January 31, 2020, two customers represented 6% of total revenues, 3% of which was also from a customer who is an equity holder in the Company. These two customers also represented 22% of accounts receivable as of January 31, 2020, of which 11% was from the customer who is an equity holder.

Revenue Recognition: The Company derives revenues primarily from subscription services and professional services. Revenues are recognized when a contract exists between the Company and a customer and upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of subscription and professional services, which may be capable of being distinct and accounted for as separate performance obligations, or in the case of offerings such as subscription services and support, accounted for as a single performance obligation. Revenues are recognized net of allowances and any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company determines revenue recognition through the following steps:

•

Identification of the contract, or contracts, with a customer

•

Identification of the performance obligations in the contract

•

Determination of the transaction price

•

Allocation of the transaction price to the performance obligations in the contract

•

Recognition of revenues when, or as, the Company satisfies a performance obligation

Subscription Revenues

Subscription revenues primarily consist of fees for providing customers access to the Company’s cloud applications, with routine customer support and maintenance related to email and phone support, bug fixes, and unspecified software updates and upgrades released when and if available during the maintenance term. Revenues are generally recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer, which the Company believes best reflects the manner in which the Company’s customers utilize the Company’s subscription offerings. Arrangements with customers do not provide the customer with the right to take possession of the software supporting the cloud-based application service at any time and, as a result, are accounted for as a service contract. Generally, the Company’s subscription contracts are three years or longer in length, billed annually in advance, are non-cancelable and do not contain refund-type provisions. Any subscription arrangements that are cancelable generally have penalty clauses.

Professional Services Revenues

Professional services revenues primarily consist of fees for deployment, configuration and optimization services, as well as training. The majority of the Company’s professional services contracts are billed on a fixed price basis, and revenues are recognized over time based on a proportional performance methodology which utilizes input methods. A portion of the Company’s professional services contracts are billed on a time and materials basis and revenues are recognized over time as the services are performed.

Contracts with Multiple Performance Obligations

Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“SSP”) basis. The Company determines SSP by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include the Company’s discounting practices, the size and volume of the Company’s transactions, the customer demographic, the geographic area where services are sold, price lists, the Company’s go-to-market strategy, historical sales and contract prices. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to SSP.

Given the variability of pricing, the Company uses a range of SSP. The Company determines the SSP range using information that may include market conditions or other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of products and services by customer size.

Costs Capitalized to Obtain Revenue Contracts

As part of its adoption of ASU 2014-09, the Company capitalizes incremental costs of obtaining a non-cancelable subscription and support revenue contract. The provisions of ASU 2014-09 codified and clarified the accounting guidance for contract acquisition costs. The new guidance resulted in the capitalization of additional contract acquisition costs, which are subsequently amortized over the estimated life of the contract. Under the prior accounting guidance, the Company expensed sales commissions as incurred.

Under ASU 2014-09, capitalized amounts consist primarily of sales commissions paid to the Company’s direct sales force. Capitalized amounts also include (1) amounts paid to employees other than the direct sales force who earn incentive payouts under annual compensation plans that are tied to the value of contracts acquired and (2) the associated payroll taxes and fringe benefit costs associated with the payments to these employees. Capitalized costs related to new revenue contracts are amortized on a straight-line basis over four years, which, although longer than the typical initial contract period, reflects the average period of benefit, including expected contract renewals. In arriving at this average period of benefit, the Company evaluated both qualitative and quantitative factors which included the estimated life cycles of its offerings and its customer attrition. The capitalized amounts are recoverable through future revenue streams under all non-cancelable customer contracts. The Company periodically evaluates whether there have been any changes in its business, the market conditions in which it operates, or other events which would indicate that its amortization period should be changed or if there are potential indicators of impairment. Amortization of capitalized costs to obtain revenue contracts is included in cost of revenues – professional services, sales and marketing and research and development expense in the accompanying consolidated statements of operations.

Judgments

Contracts with customers may include multiple services requiring allocation of the transaction price across the different performance obligations.

Standalone selling price is established by maximizing the amount of observable inputs, primarily actual historical selling prices for performance obligations where available and includes consideration of factors such as go-to-market model and customer size. Where standalone selling price may not be observable (e.g., the performance obligation is not sold separately), the Company maximizes the use of observable inputs by using information that may include reviewing pricing practices, performance obligations with similar customers and selling models.

Capitalized costs to obtain a contract are amortized over the expected period of benefit, which the Company has determined, based on analysis, to be approximately 4 years. The Company evaluated qualitative and quantitative factors to determine the period of amortization, including contract length, renewals, customer life and the useful lives of our products and acquired products. When the expected period of benefit of an asset which would be capitalized is less than one year, the Company expenses the amount as incurred, utilizing the practical expedient. The Company regularly evaluates whether there have been changes in the underlying assumptions and data used to determine the amortization period.

At times, the Company provides credits or incentives to its customers. Known and estimable credits and incentives represent a form of variable consideration, which are determined at contract inception and reduce the revenues recognized for a particular contract. At the end of each reporting period, the Company reviews and updates its estimates as additional information becomes available. The Company believes that there will not be significant changes to its estimates of variable consideration as of January 31, 2020.

The Company evaluates whether it is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis) with respect to vendor reseller agreements pursuant to which the Company resells certain third-party solutions along with the Company’s solutions. Generally, the Company reports revenues from these types of contracts on a gross basis, meaning the amounts billed to customers are recorded as revenues and expenses incurred are recorded as cost of revenues. Where the Company is the principal, it first obtains control of the inputs to the specific good or service and directs their use to create the combined output. The Company’s control is evidenced by its involvement in the integration of the good or service on its platform before it is transferred to its customers and is further supported by the Company being primarily responsible to its customers and having a level of discretion in establishing pricing. Revenues provided from agreements in which the Company is an agent are immaterial.

Deferred Revenue: Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services, including non-cancellable and non-refundable committed funds and deposits. Deferred revenue is recognized as revenue recognition criteria has been met. Customers are typically invoiced for these agreements in advance of regular annual installments and revenues are recognized ratably over the contractual subscription period. The deferred revenue balance is influenced by several factors, including seasonality, the compounding effects of renewals, invoice duration, invoice timing, size and new business linearity. Deferred revenue does not represent the total contract value of annual or multi-year non-cancellable subscription agreements. Deferred revenue that will be recognized during the succeeding 12-month period are recorded as deferred revenue, current portion, and the remaining portion is recorded as deferred revenue, net of current portion on the consolidated balance sheets.

Payment terms vary by contract, although terms generally include a requirement of payment within 30 to 45 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined contracts generally do not include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable ways of purchasing services, such as invoicing at the beginning of a subscription term with revenues recognized ratably over the contract period, and not to provide financing to customers. Any implied financing costs are considered insignificant in the context of the Company’s contracts.

Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are stated at fair value.

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. Under ASU 2014-09, the timing and amount of revenue recognition may differ in certain situations from the revenues recognized under previous accounting guidance that limited subscription and support revenues to the customer invoice amount for the period of service (collectively billings). 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 our 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.

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


	Fiscal Year Ended January 31,
	2018			2019			2020
Balance, beginning of period	$	349		$	20		$	123
Charged to (recovery of) bad debt expense		(329	)		110			(105	)
Write offs and others		—			(7	)		(18	)

Balance, end of period	$	20		$	123		$	—

Costs Capitalized to Obtain Revenue Contracts: The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year. The Company has determined that certain sales incentive programs meet the requirements to be capitalized. The costs capitalized under ASU 2014-09 are primarily sales commissions paid to commissioned sales personnel. Capitalized costs also include portions of fringe benefits and payroll taxes associated with compensation for incremental costs to acquire customer contracts. Capitalized costs to obtain a contract are amortized over the expected period of benefit, which the Company has determined to be approximately 4 years. Amortization of capitalized costs are included in costs of revenues – professional services, research and development, and within sales and marketing expense in the Company’s consolidated statements of operations.

Property and Equipment: Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets and commences once the asset is placed in service or is ready for its intended use. The estimated useful lives by asset classification are generally as follows:


Asset Classification		Estimated Useful Life
Furniture and fixtures		3-7 years
Computers and equipment		3 years
Leasehold improvements		Shorter of remaining life of the lease term or estimated useful life

When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization are removed from their respective accounts, and any gain or loss on such retirement is reflected in operating expenses.

Capitalized Software Costs: Costs related to software developed for internal use are capitalized during the application development stage. Costs related to preliminary internal or external project activities and post implementation activities are expensed as incurred. Capitalized internal-use software is amortized on a straight-line basis over its estimated useful life, which is generally two to five years. Capitalized software costs useful lives are evaluated on an annual basis and tested for impairment whenever events or changes indicate that the carrying amount of an asset may not be recoverable. There were no costs capitalized during the fiscal years ended January 31, 2018, 2019 or 2020 and there were no unamortized capitalized software costs as of January 31, 2019 and 2020.

Intangible Assets: Intangible assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. Management tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Impairment Assessment: The Company evaluates intangible assets and long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions, or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount of each asset to the future undiscounted cash flows the asset is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets, the carrying amount of such assets is reduced to fair value. There were no material impairments of intangible assets or long-lived assets during the fiscal years ended January 31, 2018, 2019 and 2020.

Goodwill: Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. Goodwill is not amortized, but rather the carrying amounts of these assets are assessed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment annually on November 1, the first day of the fourth quarter of the fiscal year. In the year ended January 31, 2020, the Company elected to early adopt ASU 2017-04, “Simplifying the Test for Goodwill Impairment” for its annual goodwill impairment test. ASU 2017-04 removes Step 2 of the goodwill impairment test requiring a hypothetical purchase price allocation. Goodwill impairment, if any, is determined by comparing the reporting unit’s fair value to its carrying value. An impairment loss is recognized in an amount equal to the excess of the reporting unit’s carrying value over its fair value, up to the amount of goodwill allocated to the reporting unit. There is no goodwill impairment for the years ended January 31, 2018, 2019, and 2020.

The Company determines the fair value of a reporting unit using a discounted cash flow analysis that is corroborated by a market-based approach. Determining fair value requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the discounted cash flow analyses are based on the most recent budget and long-term forecast. The discount rates used in the discounted cash flow analyses are intended to reflect the risks inherent in the future cash flows of the respective reporting units. The market comparable approach estimates fair value using market multiples of various financial measures compared to a set of comparable public companies and recent comparable transactions.

Business Combinations: Several valuation methods may be used to determine the fair value of assets acquired and liabilities assumed. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and subject to refinement. For intangible assets, the Company typically uses the income method. This method starts with a forecast of all of the expected future net cash flows for each asset. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. Some of the more significant estimates and assumptions inherent in the income method or other methods include the amount and timing of projected future cash flows, the discount rate selected to measure the risks inherent in the future cash flows and the assessment of the asset’s life cycle and the competitive trends impacting the asset, including consideration of any technical, legal, regulatory or economic barriers to entry. Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.

For acquisitions involving additional consideration to be transferred to the selling parties in the event certain future events occur or conditions are met (“contingent consideration”), the Company recognizes the acquisition-date fair value of contingent consideration as part of the consideration transferred in exchange for the business combination. Contingent consideration meeting the criteria to be classified as equity in the consolidated balance sheets is not remeasured, and its subsequent settlement is recorded within stockholders’ equity. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, with any changes in fair value recognized in the Company’s consolidated statements of operations.

Deferred Rent: Operating leases rent expense is recognized on a straight-line basis over the terms of the leases and the difference between cash rent payments and recognized rent expense is recorded as a deferred rent liability. Landlord-funded leasehold improvements are also recorded as deferred rent liabilities and amortized as a reduction of rent expense over the non-cancelable term of the related operating lease. The Company may receive rent holidays and other incentives. The Company recognizes lease costs on a straight-line basis once control of the space is achieved, without regard to deferred payments such as rent holidays that defer the commencement date of required payments.

Cost of Revenues: Cost of subscription and support revenues consist of costs related to hosting the Company’s software solution and employee-related costs, including stock-based compensation expenses and allocated overhead associated with customer support. Cost of professional services and other revenues consist of employee-related costs associated with these services, including stock-based compensation expenses, and allocated overhead, and the cost of subcontractors. Allocated overhead includes costs such as information technology infrastructure, rent and occupancy charges, along with employee benefit costs, and taxes based upon a percentage of total compensation expense. As such, general overhead expenses are reflected in each cost of revenues and operating expenses category.

Advertising: Advertising costs are expensed as incurred and consist of advertising, third-party marketing, branded marketing, and conference and event expenses. Advertising expenses are recorded in sales and marketing expenses in the consolidated statements of operations and were $1.2 million, $1.8 million and $3.7 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively.

Income Taxes: Deferred income taxes are determined using the asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are also recorded for any tax attribute, such as net operating losses. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates on the date of enactment within income tax expense. The Company reflects the expected amount of income taxes to be paid or refunded during the year as current income tax expense or benefit, as applicable.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

The Company follows the accounting standards on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the tax position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the benefit having a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest, and penalties on income taxes, and accounting interim periods.

When and if applicable, potential interest and penalties are accrued as incurred, within income tax expense.

Other Comprehensive Income (Loss): Accumulated other comprehensive income (loss) is reported as a component of stockholders’ equity and includes unrealized gains and losses on foreign currency translation adjustments.

Foreign Currency Exchange: The functional currency of the Company’s foreign subsidiaries is generally the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on the consolidated statements of comprehensive loss recorded in foreign currency translation line item. Foreign currency transaction gains and losses due to remeasurement are included in other expense in the consolidated statements of operations and were $0.005 million, $0.1 million, and $0.04 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively, primarily related to various intercompany loans. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates.

Stock-Based Compensation: As further described in Note 11, the Company records compensation expense associated with stock options and other equity-based compensation in accordance with ASC 718, Compensation – Stock Compensation. The Company establishes fair value as the measurement objective in accounting for share-based payment transactions with employees and recognizes expense on a straight-line basis over the applicable vesting period.

Basic and Diluted Loss per Common Share: Basic loss per share is calculated by dividing the net loss attributable to nCino, Inc. by the weighted-average number of shares of common stock outstanding for the period.

Diluted loss per share is calculated by giving effect to all potentially dilutive common stock, which is comprised of stock options and restricted stock units, when determining the weighted-average number of common shares outstanding. For purposes of the diluted loss per share calculation, basic and diluted loss per share were the same, as the effect of all potentially dilutive securities would have been anti-dilutive.

Recently Adopted Accounting Guidance:

On May 28, 2014, the FASB issued ASU 2014-09 requiring an entity to recognize the amount of revenues to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 also includes Subtopic 340-40, Other Assets and Deferred Costs – Contracts with Customers, which requires the capitalization of incremental costs to obtain a contract with a customer. The new revenue standard replaces most existing revenue recognition guidance in U.S. GAAP and permits the use of either the full retrospective or modified retrospective transition method.

The Company adopted the requirements of ASU 2014-09 as of February 1, 2019 and utilized the modified retrospective transition method. The Company recognized the following cumulative effects of initially applying the new revenue standard:


	As of January 31, 2019			Topic 606 Adjustments			As of February 1, 2019
Accounts receivable, less allowance for doubtful accounts ⁽¹⁾	$	25,495		$	(1,978	)	$	23,517
Costs capitalized to obtain revenue contracts, current portion, net		—			2,879			2,879
Costs capitalized to obtain revenue contracts, noncurrent, net		—			5,330			5,330

Total assets	$	119,966		$	6,231		$	126,197

Deferred revenue, current portion		34,172			(4,366	)		29,806
Deferred revenue, noncurrent		825			(825	)		—

Total liabilities	$	53,930		$	(5,191	)	$	48,739

Stockholders’ Equity:
Accumulated deficit	$	(104,752	)	$	11,422		$	(93,330	)

(1)	Unbilled accounts receivable previously included in Accounts receivable, less allowance for doubtful accounts before the adoption of Topic 606.

The Company recognized the cumulative effect of initially applying the new revenue standard as a positive adjustment to the opening balance of accumulated deficit on the consolidated balance sheet in the amount of $11.4 million, which reflects the acceleration of revenues and deferral of costs capitalized to obtain revenue contracts. The following is a summary of the adoption impacts of the new revenue standard:

•

The Company capitalized $8.2 million of contract acquisition costs comprised of sales commissions at the adoption date with a corresponding adjustment to accumulated deficit. The Company is amortizing these costs over their respective expected period of benefit.

•

Upon adoption, the Company recorded a decrease in deferred revenue of $5.2 million and a decrease of $2.0 million in receivables that were recorded to accumulated deficit.

Adoption of the new revenue standard impacted the Company’s consolidated statement of operations for the year ended January 31, 2020 as follows:


	As reported			Topic 606 Adjustments			Amounts without Topic 606 adoption impact
Subscription	$	103,265		$	2,351		$	105,616
Professional services		34,915			(1,901	)		33,014

Total revenues		138,180			450			138,630

Subscription		31,062			914			31,976
Professional services		33,008			(8	)		33,000

Total cost of revenues		64,070			906			64,976
Gross profit		74,110			(456	)		73,654

Sales and marketing		44,440			2,404			46,844
Research and development		35,304			(21	)		35,283

Total operating expenses		102,280			2,383			104,663

Net loss attributable to nCino, Inc.	$	(27,594	)	$	(2,839	)	$	(30,433	)

Basic and diluted net loss per share	$	(0.35	)	$	0.04		$	(0.39	)

Adoption of the new revenue standard impacted the Company’s consolidated balance sheet as of January 31, 2020 as follows:


	As reported			Topic 606 Adjustments			Amounts without Topic 606 adoption impact
Accounts receivable, less allowance for doubtful accounts	$	34,205		$	260		$	34,465
Costs capitalized to obtain revenue contracts, current portion, net		3,608			(3,608	)		—
Costs capitalized to obtain revenue contracts, noncurrent, net		7,000			(7,000	)		—
Total assets		249,894			(10,348	)		239,546

Deferred revenue, current portion		50,929			3,923			54,852
Total liabilities		78,517			3,923			82,440

Stockholders’ Equity:
Accumulated other comprehensive loss		(408	)		(10	)		(418	)
Accumulated deficit		(120,924	)		(14,261	)		(135,185	)

The adoption of ASU 2014-09 had no impact on cash provided by or used in operating, investing, or financing activities in the Company’s consolidated statement of cash flows. Additionally, the adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated statement of comprehensive loss or the provision for income taxes.

The most significant impact of the new revenue standard relates to the capitalization of certain incremental costs to acquire contracts and the requirement to amortize these amounts over the expected period of benefit. Under the previous standard, the Company expensed costs related to the acquisition of revenue generating contracts as incurred. There was impact from arrangements with customers that include subscription services bundled with professional services driven by a change in allocation of transaction value amongst performance obligations under the new standard. Additionally, there was impact from the Company’s acquisitions which are not material to the Company’s overall revenues. These consisted of principal versus agent consideration (reporting revenues gross vs. net – approximately a $0.9 million decrease to subscription revenues and cost of revenues to present net under ASU 2014-09) and a perpetual license model (approximately $0.6 million increase impact to subscription revenues to accelerate revenues).

Other impacts to policies and disclosures include deferred recognition of revenues for certain contracts, the requirement to estimate variable consideration for certain arrangements, increased allocation of revenues to and from professional services and other offerings and changes to financial statement disclosures such as new disclosures related to remaining performance obligations. However, the timing and pattern of revenue recognition related to professional services remain substantially unchanged.

The Company utilized the transitional practical expedient provisions in adopting ASU 2014-09 to apply the new revenue standard and the related changes retrospectively to contracts that were not completed contracts upon initial application. Additionally, the Company did not analyze and separately retrospectively restate each contract modification, but instead reflected the aggregate effect of all modifications occurring before the date of adoption consistent with the transition guidance.

The Company also adopted the following ASUs effective February 1, 2019, none of which had a material impact on the Company’s consolidated financial statements.

•

ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments

•

ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory

•

ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

•

ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

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, 2020, and interim periods within annual periods beginning after December 15, 2021, and early adoption is permitted. For leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, lessees and lessors must apply a modified retrospective transition approach. While the Company expects the adoption of this standard to result in an increase to the reported assets and liabilities, it has not yet determined the full impact the adoption of this standard will have on its financial statements and related disclosures.

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. The Company is currently evaluating the impact of this standard to the consolidated financial statements.

In August 2018, the FASB issued 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 is currently evaluating the impact of this standard to the 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 is currently evaluating the impact of this standard to the consolidated financial statements.

In October 2018, the FASB issued Accounting Standards Update (“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 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.

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. 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

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Noncontrolling Interest [Abstract]

Variable Interest Entity and Redeemable Non-Controlling Interest

Note 3. 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

Note 3. 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 approximately $4.7 million in cash in exchange for 51% of the outstanding common stock of nCino K.K. As of January 31, 2020, the Company controls a majority stake in nCino K.K.

All of the common stock held by the Investors is callable by the Company or puttable by the Investors upon certain contingent events. 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, if the Company is public at that time, or cash. As a result of the put right available to the redeemable non-controlling interest holders in the future, the redeemable non-controlling interests in nCino K.K. are classified outside of permanent equity in the Company’s consolidated balance sheet at January 31, 2020, 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 at January 31, 2020.

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


Balance as of January 31, 2019	$	—
Investment by redeemable non-controlling interest		4,513
Net loss attributable to redeemable non-controlling interest		(141	)
Foreign currency translation		(16	)

Balance as of January 31, 2020	$	4,356

Fair Value of Financial Instruments

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4. 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

Note 4. 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 and cash equivalents, accounts receivable and accounts payable approximate fair value as of January 31, 2019 and 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, 2019 and 2020 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis As of January 31, 2019
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	59,630	$	—	$	—

Total assets	$	59,630	$	—	$	—


	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

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 consolidated statements of operations within other income. The Company’s contingent consideration is valued using a probability weighted discounted cash flow analysis. Refer to Note 7, Business Combinations, for additional detailed discussion. A reconciliation of the beginning and ending balances for contingent consideration obligations are as follows:


Balance as of January 31, 2018	$	—
Acquisitions		—
Change in fair value		—
Translation adjustments		—

Balance as of January 31, 2019		—
Acquisitions		197
Change in fair value		—
Translation adjustments		(2	)

Balance as of January 31, 2020	$	195

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.

Revenue from Contract with Customer [Abstract]

Revenues

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Revenues

Note 5. 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.

Note 5. Revenues

Revenue by Geographic Area

Revenue by geographic region were as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
United States	$	58,075	$	87,328	$	127,192
International		67		4,207		10,988

	$	58,142	$	91,534	$	138,180

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 countries outside the United States represented 10% or more of total revenues.

Contract Amounts

Accounts Receivable

Unbilled accounts receivable were included in accounts receivable before the adoption of ASU 2014-09. Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2019 and 2020:


	As of January 31,
	2019			2020
Trade accounts receivable	$	21,999		$	32,686
Unbilled accounts receivable		3,589			1,425
Other accounts receivable		30			94
Allowances		(123	)		—

Total accounts receivable, net	$	25,495		$	34,205

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 and deferred revenue assumed through business combinations, which were offset by decreases due to revenue recognized in the period. During the year ended January 31, 2020, approximately $36.7 million of revenue was recognized that was included in the adjusted opening balance of deferred revenue as of February 1, 2019.

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenue 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 applied 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 in accordance with the new revenue standard.

Remaining performance obligations were approximately $431.5 million as of January 31, 2020. The Company expects to recognize approximately 59% of its remaining performance obligation as revenues in the next 24 months, approximately 34% more in the following 25 to 48 months, and the remainder thereafter.

Costs Capitalized to Obtain Revenue Contracts

During the fiscal year ended January 31, 2020, we amortized $0.01 million of capitalized contract acquisition costs into costs of revenues – professional services, $0.02 million within research and development and $3.2 million within sales and marketing expense. We did not incur any impairment losses.

The opening balance of capitalized contract acquisition costs as of February 1, 2019 was $8.2 million. As of January 31, 2020, the balance of capitalized contract acquisition costs was $10.6 million, of which $7.0 million was long-term in the consolidated balance sheets. The remaining balance of the capitalized costs to obtain contracts was current.

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.

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
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Property, Plant and Equipment [Abstract]

Property and Equipment

12 Months Ended

Jan. 31, 2020

Property and Equipment

Note 6. Property and Equipment

Property and equipment, net consisted of the following:


	As of January 31,
	2019			2020
Furniture and fixtures	$	4,407		$	5,279
Computers and equipment		2,743			3,907
Leasehold Improvements		6,834			8,436
Construction-in-progress		42			2,055

		14,026			19,677
Less accumulated depreciation		(3,620	)		(6,200	)

	$	10,406		$	13,477

The Company recognized depreciation expense as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
Cost of revenues	$	346	$	534	$	949
Sales and marketing		238		368		739
Research and development		270		383		835
General and administrative		116		173		338

Total depreciation expense	$	970	$	1,458	$	2,861

Subsequent to January 31, 2020, the Company entered into commitments in the amount of $1.2 million for additional furniture and fixtures and leasehold improvements.

Business Combinations

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Business Combinations [Abstract]

Business Combinations

Note 6. Business Combinations

Visible Equity, LLC

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.

Note 7. 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 Company has included the financial results of Visible Equity in the consolidated statements of operations from the date of acquisition. The transaction costs associated with the acquisition were approximately $0.8 million and were primarily recorded in general and administrative expenses.

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 fair value of the Company’s voting common stock was determined by management to be $16.55 per share with the assistance of a third-party valuation specialist.

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


	Fair Value
Cash and cash equivalents	$	1,209
Accounts receivable		1,177
Other current and noncurrent assets		574
Intangible assets		25,500
Goodwill		46,584
Accounts payable, accrued expenses and other liabilities, current and noncurrent		(1,804	)

Net assets acquired	$	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 following table sets forth the components of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the date of acquisition:


	Fair Value		Useful Life
Developed technology	$	3,800		4 years
Customer relationships		21,600		13 years
Trademarks		100		< 1 year

Total intangible assets subject to amortization	$	25,500

Developed technology represents the fair value of Visible Equity’s technology. Customer relationships represent the fair value of the underlying relationships with Visible Equity’s customers. Trademarks represent the fair value of Visible Equity’s company name.

Goodwill is mainly attributable to synergies expected from the acquisition and assembled workforce and is expected to be deductible for tax purposes.

The results of operations of Visible Equity since the acquisition are included in our consolidated statements of operations for the year ended January 31, 2020. The revenues and results of operations attributable to Visible Equity for the period from the date of acquisition, July 8, 2019 through January 31, 2020 were $5.6 million and a $1.7 million loss, respectively.

Finsuite Pty Ltd

enhance the Company’s data recognition capabilities, including complex, unstructured data. FinSuite is headquartered in Melbourne, Australia. The Company has included the financial results of FinSuite in the consolidated statement of operations from the date of acquisition. The transaction costs associated with the acquisition were approximately $0.3 million and are included in general and administrative expenses in the consolidated statement of operations for the fiscal year ended January 31, 2020.

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

The fair value of the Company’s voting common stock was determined by management to be $21.75 per share based upon the transaction price of the Company’s capital raise in September 2019, which is indicative of an observable price in the Company’s principal market at the time of acquisition.

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 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 fair value of the contingent consideration at the date of acquisition, approximately $6.0 million, was determined based upon a probability-weighted discounted cash flow model. The cash portion of the contingent consideration, $0.2 million, was recorded as of the acquisition date and is included in other long-term liabilities in the accompanying consolidated balance sheet as of January 31, 2020. 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 consolidated balance sheet as of January 31, 2020.

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


	Fair Value
Cash and cash equivalents	$	17
Accounts receivable		78
Other current and noncurrent assets		301
Intangible assets		2,376
Goodwill		9,405
Accounts payable, accrued expenses and other liabilities, current and noncurrent		(666	)

Net assets acquired	$	11,511


	Fair Value		Useful Life
Developed technology	$	2,244		4 years
Customer relationships		107		13 years
Trademarks		25		< 1 year

Total intangible assets subject to amortization	$	2,376

Developed technology represents the fair value of FinSuite’s technology. Customer relationships represent the fair value of the underlying relationships with FinSuite’s customers. Trademarks represent the fair value of FinSuite’s company name.

Goodwill is mainly attributable to synergies expected from the acquisition and assembled workforce and is not expected to be deductible for tax purposes.

The results of operations of FinSuite since the acquisition are included in the Company’s consolidated statements of operations for the year ended January 31, 2020. The revenues and results of operations attributable to FinSuite for the period from the date of acquisition, October 18, 2019 through January 31, 2020 were $0.8 million and $0.3 million income, respectively.

The pro forma statements of operations for the years ended January 31, 2019 and January 31, 2020, shown in the table below, give effect to the Visible Equity and FinSuite acquisitions, described above, as if they had occurred on February 1, 2018. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Visible Equity and FinSuite to reflect the intangible amortization, stock-based compensation, and related items, and the adjustments to acquired deferred revenue that would have occurred assuming the fair value adjustments had been applied and incurred since February 1, 2018. This pro forma data is presented for informational purposes only and is not indicative of future results of operations. The table below shows the pro forma statements of operations for the respective years ending January 31:


	(Unaudited) January 31,
	2019			2020
Revenues	$	102,244		$	142,958
Net loss attributable to nCino, Inc.		(24,954	)		(27,647	)

Intangible Assets and Goodwill

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Note 7. 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.

Note 8. Intangible Assets and Goodwill

Intangible assets

Intangible assets, net are as follows:


	As of January 31, 2020							Weighted Average Remaining Useful Life (Years)
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	6,008	$	(695	)	$	5,313		3.5
Customer relationships		21,706		(937	)		20,769		12.4
Trademarks		125		(114	)		11		0.2

	$	27,839	$	(1,746	)	$	26,093		10.6

There were no intangible assets as of January 31, 2019.

The Company recognized amortization expense as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
Cost of revenues	$	—	$	—	$	697
Sales and marketing		—		—		937
General and administrative		—		—		114

Total amortization expense	$	—	$	—	$	1,748

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


Fiscal Year Ending January 31,
2021	$	3,182
2022		3,172
2023		3,172
2024		2,478
2025		1,670
Thereafter		12,419

	$	26,093

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. Goodwill amounts are not amortized, but rather tested for impairment at least annually during the Company’s fourth quarter of each fiscal year. The change in the carrying amounts of goodwill was as follows:


Balance as of January 31, 2018	$	—
Acquisitions		—
Translation adjustments		—

Balance as of January 31, 2019		—
Acquisitions		55,989
Translation adjustments		(149	)

Balance as of January 31, 2020	$	55,840

Reseller Agreement	6 Months Ended	12 Months Ended
Reseller Agreement	Jul. 31, 2020	Jan. 31, 2020
Related Party Transactions [Abstract]
Reseller Agreement	Note 8. Reseller Agreement The 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.	Note 9. Reseller Agreement The 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. This agreement expires in June 2022 unless renegotiated. Cost of subscription revenues in each of the fiscal years ended January 31, 2018, 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 $9.5 million, $15.4 million and $22.8 million for the fiscal years ended January 31, 2018, 2019, and 2020, respectively. See also Note 15.

Stockholders' Equity

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Equity [Abstract]

Stockholders' Equity

Note 9. Stockholders’ Equity

Pursuant 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

Note 10. Stockholders’ Equity

On September 16, 2019, the Company amended the Certificate of Incorporation to change the designated number of voting shares of authorized common stock to 99,708,247 and the designated number of non-voting shares of authorized common stock to 10,291,753. On May 25, 2016, the Company amended the Certificate of Incorporation to change the designated number of voting shares of authorized common stock to 89,708,247 and the designated number of non-voting shares of authorized common stock to 10,291,753. During the fiscal years ended January 31, 2018 and 2019, no change was made to the total number of authorized common shares.

In July 2017, January 2018, and September 2019 the Company completed a private placement common stock offering with accredited investors which raised $17.8 million, $51.4 million and $79.9 million, respectively, net of related expenses. During the July 2017 offering, 1,784,700 shares of voting common stock were issued, in January 2018, 3,958,354 shares of voting common stock were issued, and in September 2019, 3,678,161 shares of common stock were issued (3,448,276 shares of voting common stock and 229,885 shares of non-voting common stock).

Also, during the fiscal years ended January 31, 2018, 2019 and 2020, certain employees exercised vested stock options resulting in 695,384, 2,845,482 and 458,770 shares, respectively, being issued.

During the fiscal year ended January 31, 2020, 1,502,772 shares of voting common stock were issued related to business combinations.

A summary of the rights and key provisions affecting each class of the Company’s stock as of January 31, 2020, is as follows:

Preferred Stock: The Board of Directors is authorized to establish one or more series of preferred stock and to fix the number of shares constituting such series and the designation of such series, including the voting powers, preferences, limitations, restrictions, and other special rights thereof.

Common stock: Each holder of shares of voting common stock is entitled to attend all special and annual stockholder meetings of the Company and to cast one vote for each outstanding share of voting common stock held on any matter or thing properly considered and acted upon by the stockholders in accordance with the Company’s by-laws and applicable law. Non-voting common stockholders carry the same rights and privileges as voting common stockholders except they shall not be entitled to vote on any matter. Non-voting common stock can be converted to an equal number of shares of voting common stock provided that certain transfer provisions are met. The non-voting common stock will only be convertible after a transfer from the initial holder of the non-voting common stock to a third party unaffiliated with the initial holder through a permitted transfer. A permitted transfer is defined as being a transfer to an affiliate of the holder or the Company, transfer in a widespread public distribution, in transfers in which no transferee (or group of affiliated transferees) receives 2% or more of any class of the voting securities of the Company, or to a transferee that would control more than 50% of the voting securities of the Company without any transfer from the transferor.

At January 31, 2020, the Company committed a total of 9,579,061 shares of common stock for future issuance as follows:


Issued and outstanding stock options			7,837,023
Nonvested issued and outstanding restricted stock units (“RSU”s)			948,119
Possible issuance under incentive plans			793,919

			9,579,061

Stock-Based Compensation

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 10. 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

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

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

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

Employee Stock Purchase Plan

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

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

Note 11. Stock-Based Compensation

The Company has two equity incentive plans: the 2014 Stock Plan (“2014 Plan”) and the 2019 Equity Incentive Plan (“2019 Plan”), collectively referred to as the “Incentive Plans.” Under the 2014 Plan, the Board of Directors had allotted 15,025,666 shares of common stock for incentive options or non-qualified options as of January 31, 2020. Prior to fiscal 2018, the option pool was increased by an aggregate of 6,797,476 shares with approval from the Board of directors and stockholders. Non-qualified options may be granted to Company employees, non-employee directors, and consultants. The exercise price of options is determined by the Board of Directors, but cannot be less than 100% of the fair market value of the Company’s common stock on the date of the grant. The options generally vest in one of two ways:

•

In equal annual installments over four years from the grant date.

•

Upon a change in control transaction (with respect to certain Incentive Plan participants).

All options expire ten years from the grant date and, with respect to certain Incentive Plan participants, provide for accelerated vesting if there is a change in control of the Company.

In July 2019, the Company established the 2019 Plan. The 2019 Plan is allotted 1,500,000 shares that may be issued in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards. The allotted shares can be increased by shares available under the Company’s 2014 Plan, described above, however, not to exceed 7,500,000 shares from that 2014 Plan. The maximum number of incentive stock options cannot exceed 9,000,000 shares. All awards shall be granted within ten years from the effective date of the Plan and can only be granted to employees, non-employee directors and consultants and generally vest over four years.

Restricted stock units (“RSU”) are subject to time-based and performance-based vesting conditions. RSUs are generally earned over a service period of four years, expire seven years from the grant date and will only vest upon an IPO or change in control. The compensation expense related to these awards is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. No RSUs have vested as of January 31, 2020.

Stock Options

The calculated value of each option award is estimated at the date of grant using the Black-Scholes option valuation model that utilizes the assumptions included in the table below. The Company recognizes stock-based expenses related to stock option awards on a straight-line basis over the requisite service period of the awards, which is generally the vesting term of four years. Stock-based expenses are recognized net of estimated forfeiture activity. The estimated forfeiture rate applied is based on historical forfeiture rates. The expected term assumption, using the simplified method, reflects the period for which the Company believes the option will remain outstanding. The Company determined the volatility of its stock by looking at the historic volatility of its peer companies. The risk-free rate reflects the U.S. Treasury yield for a similar expected life instrument in effect at the time of the grant. The assumptions utilized for the fiscal years ended January 31, 2018, 2019, and 2020 are as follows:


	2018	2019	2020
Expected life (in years from vesting)	6.08 - 6.25	6.25	6.10 -6.25
Expected volatility	42% - 44%	40% - 41%	40%
Expected dividends	0.00%	0.00%	0.00%
Risk-free rate	2.07% - 2.27%	2.71% - 3.06%	1.63% - 2.59%

The grant date weighted average calculated fair value of options issued, net of forfeitures, was $2.13, $5.36, and $6.74 per share for the fiscal years ended January 31, 2018, 2019 and 2020, respectively.

The Company recognized stock-based compensation expense related to the option grants under the Incentive Plans as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
Cost of revenues	$	1,357	$	1,487	$	1,517
Sales and marketing		940		1,078		1,260
Research and development		1,070		1,056		1,245
General and administrative ⁽¹⁾		459		474		1,723

Total stock-based compensation expense	$	3,826	$	4,095	$	5,745

(1)

On June 26, 2019, the Company entered into a separation agreement with an executive. The agreement resulted in a modification of the former employee’s 334,840 outstanding stock options to purchase voting common stock, which accelerated certain vesting and extended the exercise period, resulting in the recognition of $1.2 million of additional stock-based compensation expense for the year ended January 31, 2020.

The Company granted 353,900 incentive stock options in the fiscal year ended January 31, 2020, which vest over four years and have a ten-year term.

A summary of option activity under the Incentive Plans during the fiscal years ended January 31, 2018, 2019 and 2020 are as follows:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In thousands)
Outstanding, January 31, 2017		6,845,834		$	1.94		7.76
Granted		4,267,151			5.17
Expired or forfeited		(125,642	)		2.93
Exercised		(695,384	)		1.35			$	2,617

Outstanding, January 31, 2018		10,291,959			3.31		7.77

Granted		969,762			13.50
Expired or forfeited		(209,313	)		9.46
Exercised		(2,845,482	)		2.20			$	32,365

Outstanding, January 31, 2019		8,206,926		$	4.74		7.34

Granted		353,900			17.54
Expired or forfeited		(265,033	)		6.82
Exercised		(458,770	)		2.27			$	7,639

Outstanding, January 31, 2020		7,837,023		$	5.39		6.54	$	126,245

Exercisable, January 31, 2020		4,832,586		$	3.68		5.88	$	86,099

Fully vested or expected to vest, January 31, 2020		7,053,321		$	5.39		6.54	$	113,620

Aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the option exercise price and the estimated fair value of the Company’s common stock at the time such option exercises. This intrinsic value changes based on changes in the fair value of the Company’s underlying stock.

As of January 31, 2020, there was $7.6 million of total unrecognized compensation cost related to unvested stock-based compensation arrangements under the Incentive Plans. That cost is expected to be recognized over a weighted average period of approximately 1.65 years.

Restricted Stock Units

The Company granted 948,119 RSUs during the fiscal year ended January 31, 2020 with a weighted-average grant date fair value of $21.75 per RSU. No RSUs vested, were forfeited or cancelled. As of January 31, 2020, total unrecognized compensation expense cost related to non-vested RSUs was $19.6 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 indeterminable until an IPO or a change in control occurs. At January 31, 2020, the intrinsic value of unvested restricted stock units was $0.0 million.

Income Taxes

12 Months Ended

Jan. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Note 12. Income Taxes

The components of loss before income tax expense by domestic and foreign jurisdictions were as follows:


	Fiscal Year Ended January 31,
	2018			2019			2020
United States	$	(18,757	)	$	(17,333	)	$	(20,547	)
Foreign		218			(4,779	)		(6,602	)

Income Before Taxes	$	(18,539	)	$	(22,112	)	$	(27,149	)

The provision for income taxes consisted of the following:


	Fiscal Year Ended January 31,
	2018		2019		2020
Current:
Federal	$	—	$	—	$	—
State		—		—		21
Foreign		50		194		410

		50		194		431
Deferred:
Federal		—		—		76
State		—		—		56
Foreign		—		—		23

Deferred tax expense		—		—		155

Total tax expense:	$	50	$	194	$	586

The differences between income taxes expected at the US federal statutory income tax rate and the reported income tax expense are summarized as follows:


	Fiscal Year Ended January 31,
	2018					2019					2020
Income tax benefit at statutory rate of 21% for 2019 and 2020 (2018: 33.8%)	$	(6,268	)	33.8	%	$	(4,644	)	21.0	%	$	(5,701	)	21.0	%
State income tax benefit, net of federal impact		(780	)	4.2	%		(1,331	)	6.0	%		141		-0.5	%
Changes in valuation allowance		(3,284	)	17.7	%		11,627		-52.6	%		3,303		-12.2	%
Impacts of adoption of the new revenue standard		—		0.0	%		—		0.0	%		2,389		-8.8	%
Nondeductible expenses		66		-0.4	%		175		-0.8	%		231		-0.8	%
Foreign rate differential		(32	)	0.2	%		96		-0.4	%		108		-0.4	%
Stock-based compensation		181		-1.0	%		(5,753	)	26.0	%		19		-0.1	%
Remeasurement of deferred taxes due to Tax Cuts and Jobs Act		9,958		-53.7	%		—		0.0	%		—		0.0	%
Other		209		-1.1	%		24		-0.1	%		96		-0.4	%

	$	50		-0.3	%	$	194		-0.9	%	$	586		-2.2	%

Significant components of the Company’s net deferred tax assets and liabilities were as follows:


	As of January 31,
	2019			2020
Deferred tax assets:
Net operating losses	$	31,765		$	35,608
Equity compensation		876			1,655
Reserves and accrueds		342			1,156
Deferred rent		44			416
Transaction costs		—			311
Deferred revenue		—			151
Depreciation		—			126
Other		160			238

Total deferred tax assets		33,187			39,661
Less valuation allowance		(33,121	)		(36,425	)

Total deferred tax assets, net of valuation allowances		66			3,236

Deferred tax liabilities:
Contract acquisition costs		—			(2,568	)
Remaining perforamance obligations					(497	)
Intangibles					(316	)
Other		(66	)		(49	)

Total deferred tax liabilities		(66	)		(3,430	)

Net deferred tax liabilities	$	—		$	(194	)

A valuation allowance has been provided in the U.S. federal and state as well as certain foreign jurisdictions to reduce deferred tax assets to the amount that is more likely than not to be realized. The valuation allowance increased/(decreased) by ($3.3 million), $11.6 million and $3.3 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively.

The Company continually assesses the realizability of its deferred tax assets based on an evaluative process that considers all available positive and negative evidence. The Company has established a valuation allowance in the amount of $33.1 million and $36.4 million as of January 31, 2019 and 2020, respectively, because the Company believes it is not more likely than not the deferred tax asset in jurisdictions excluding Canada will be realized.

On December 22, 2017, President Trump signed into law the statute named the “Tax Cuts and Jobs Act” (“TCJA”) which enacts a broad range of changes to the Internal Revenue Code. The TCJA, among other things, includes changes to U.S. federal tax rates, imposes significant additional limitations on the deductibility of interest and net operating losses, allows for the expensing of certain capital expenditures, and puts into effect a number of changes impacting operations outside of the United States including, but not limited to, the imposition of a one-time tax on accumulated post-1986 deferred foreign income that has not previously been subject to tax, and modifications to the treatment of certain intercompany transactions.

The decrease in the US corporate federal income tax rate to 21 percent was effective on January 1, 2018. For the tax year ended January 31, 2018, the blended federal income tax rate for the Company was 33.8%.

The Company’s net deferred tax assets and liabilities were revalued at the newly enacted U.S. corporate rate of 21%, and the resulting increase to tax expense was offset by a related reduction of the Company’s valuation allowance.

The TCJA also requires companies to pay a one-time transition tax on a mandatory deemed repatriation of earnings of certain foreign subsidiaries that were previously untaxed. The deemed repatriated earnings all relate to the fiscal year ending January 31, 2018 as it was the first year the Company had foreign operations. This deemed repatriation did not result in any additional income tax payable because the deemed repatriation amount was offset by net operating losses. The Company maintains its assertion of the Company’s intent for certain foreign earnings to be indefinitely reinvested. As of January 31, 2020, the Company has not recorded taxes on approximately $2.5 million of cumulative undistributed earnings of the Company’s non-U.S. subsidiaries. The Company generally does not provide for taxes related to the Company’s undistributed earnings because such earnings either would not be taxable when remitted or they are indefinitely reinvested. If in the foreseeable future, the Company can no longer demonstrate that these earnings are indefinitely reinvested, a deferred tax liability will be recognized. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable due to the complexity and variety of assumptions necessary based on the manner in which the undistributed earnings would be repatriated.

The Company has federal loss carryforwards totaling $267,652 that may be offset against future taxable income. If not used, the carryforwards will expire as follows:


Fiscal Year Ending January 31,
2032 and before	$	40,606
2033		7,098
2034		18,355
2035		20,379
2036		9,995
2037		51,551
2038		25,766
2039		13,900
2040		3,291
Indefinite		76,710

	$	267,652

Because of the change of ownership provisions of the Tax Reform Act of 1986, the use of the Company’s U.S. federal loss carryforwards may be limited in future periods. Further, a portion of the carryforwards may expire before being applied to reduce future income tax liabilities.

The Company also has foreign net operating losses of $11.7 million that can be carried forward indefinitely, which are included in the table above.

The Company is subject to taxation in the U.S. federal and various state and foreign jurisdictions. As of January 31, 2020, the Company is no longer subject to U.S. federal and state examinations by tax authorities for years prior to 2016. However, amounts reported as net operating losses and tax credit carryforwards from these tax periods remain subject to review by most tax authorities.

The Company recognizes the income tax benefits of any uncertain tax positions only when, based upon the technical merits of the position, it is more likely than not that the position is sustainable upon examination. With the information available, the Company has performed an analysis and as of January 31, 2019 and 2020, the Company has not recognized any unrecognized tax benefits, interest or penalties for any income tax positions.

On March 27, 2020, President Trump signed into law the CARES Act. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company continues to examine the impacts the CARES Act may have on the Company’s business.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Commitments and Contingencies Disclosure [Abstract]

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Jan. 31, 2020
Retirement Benefits [Abstract]
Defined Contribution Plan	Note 13. Defined Contribution Plan The Company has a 401(k) plan for its employees in the United States who meet the plan requirements. The Company, at its discretion, may make matching contributions. Employees are immediately vested in their contributions. The Company also has a Registered Retirement Savings Plan covering all eligible employees in Canada. Employer contributions for the fiscal years ended January 31, 2018, 2019 and 2020 were $0, $0.1 million and $0.9 million, respectively.

Commitments and Contingencies

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Commitments and Contingencies

Note 11. 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.

Note 14. Commitments and Contingencies

Future minimum lease payments required under operating leases at January 31, 2020 are as follows:


Fiscal Year Ending January 31,
2021	$	6,068
2022		4,523
2023		3,815
2024		3,245
2025		1,276
Thereafter		3,798

	$	22,725

Total lease expense amounted to $3.4 million, $5.8 million, and $8.7 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively.

We have recognized liabilities for contingencies related to state sales and use tax deemed probable and estimable, including penalties and interest, totaling $0.9 million and $0.2 million at January 31, 2019 and 2020, respectively, which are included in other accrued expenses in the Company’s consolidated balance sheets.

Related-Party Transactions	6 Months Ended	12 Months Ended
Related-Party Transactions	Jul. 31, 2020	Jan. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	Note 12. 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.	Note 15. Related-Party Transactions The Company’s main vendor is also an equity holder in the Company. Total payments related to the reseller agreement with the related party are disclosed in Note 9. 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 $0.5 million, $0.8 million and $1.1 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively, and $0.7 million and $1.1 million were in prepaid expenses and other current assets as of January 31, 2019 and 2020, respectively. Accounts payable to the related party were $2.1 million and $3.3 million at January 31, 2019 and 2020, respectively, included in accounts payable, related parties. As discussed in Note 2, there are equity holders who are also customers of the Company. Included in revenues are $8.1 million, $9.9 million and $8.4 million from three equity holder customers for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. Related party balances in current deferred revenue, related parties were $6.9 million and $8.0 million as of January 31, 2019 and 2020, respectively. The Company has a banking relationship with one of its equity holders. Included in interest income is $0.2 million, $0.9 million and $0.7 million for the fiscal years ended January 31, 2018, 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. As of fiscal year end January 31, 2020, the Company was in compliance with the terms of the agreement. Total consideration amounted to $0.3 million, $1.7 million, and $0.06 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. In April 2019, the agreement was extended for an additional three years. As of January 31, 2020, there was a $0.2 million obligation remaining expected to be fulfilled within one year.

Basic and Diluted Loss per Share

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share

Note 13. 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

Note 16. 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 fiscal years ended January 31, 2018, 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):


	Fiscal Year Ended January 31,
	2018			2019			2020
Basic loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(18,589	)	$	(22,306	)	$	(27,594	)
Denominator
Weighted-average common shares outstanding		68,290,570			74,593,709			78,316,794
Basic loss per share attributable to nCino, Inc.	$	(0.27	)	$	(0.30	)	$	(0.35	)
Dilutive loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(18,589	)	$	(22,306	)	$	(27,594	)
Denominator
Weighted-average common shares outstanding		68,290,570			74,593,709			78,316,794
Dilutive loss per share attributable to nCino, Inc.	$	(0.27	)	$	(0.30	)	$	(0.35	)


	Fiscal Year Ended January 31,
	2018		2019		2020
Stock options issued and outstanding		10,291,959		8,206,926		7,837,023
Nonvested RSUs issued and outstanding		—		—		948,119

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Jan. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

Note 17. Selected Quarterly Financial Data (Unaudited)

Selected summarized quarterly financial information for fiscal 2019 and 2020 is as follows:


	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Fiscal Year
Fiscal Year Ended January 31, 2019
Revenues	$	19,064		$	22,630		$	23,663		$	26,177		$	91,534
Cost of revenues		10,119			11,048			12,210			13,074			46,451

Gross profit		8,945			11,582			11,453			13,103			45,083
Operating expenses:
Sales and marketing		5,833			7,909			7,844			9,692			31,278
Research and development		4,595			4,941			5,823			6,871			22,230
General and administrative		2,922			4,217			2,806			4,846			14,791

Total operating expenses		13,350			17,067			16,473			21,409			68,299

Loss from operations		(4,405	)		(5,485	)		(5,020	)		(8,306	)		(23,216	)
Total other income (expense), net		214			206			108			576			1,104

Loss before income tax expense		(4,191	)		(5,279	)		(4,912	)		(7,730	)		(22,112	)
Income tax expense		60			45			14			75			194

Net loss attributable to nCino, Inc.	$	(4,251	)	$	(5,324	)	$	(4,926	)	$	(7,805	)	$	(22,306	)

Basic and diluted net loss per share attributable to nCino, Inc.	$	(0.06	)	$	(0.07	)	$	(0.07	)	$	(0.11	)	$	(0.30	)

Fiscal Year Ended January 31, 2020
Revenues	$	29,836		$	31,978		$	37,862		$	38,504		$	138,180
Cost of revenues		14,038			14,770			16,889			18,373			64,070

Gross profit		15,798			17,208			20,973			20,131			74,110
Operating expenses:
Sales and marketing		8,015			10,453			12,602			13,370			44,440
Research and development		7,366			8,272			9,534			10,132			35,304
General and administrative		3,909			6,430			5,557			6,640			22,536

Total operating expenses		19,290			25,155			27,693			30,142			102,280

Loss from operations		(3,492	)		(7,947	)		(6,720	)		(10,011	)		(28,170	)
Total other income (expense), net		209			(353	)		789			376			1,021

Loss before income tax expense		(3,283	)		(8,300	)		(5,931	)		(9,635	)		(27,149	)
Income tax expense		136			202			158			90			586

Net loss		(3,419	)		(8,502	)		(6,089	)		(9,725	)		(27,735	)
Net loss attributable to non-controlling interest		—			—			(60	)		(81	)		(141	)

Net loss attributable to nCino, Inc.	$	(3,419	)	$	(8,502	)	$	(6,029	)	$	(9,644	)	$	(27,594	)

Basic and diluted net loss per share attributable to nCino, Inc.	$	(0.05	)	$	(0.11	)	$	(0.08	)	$	(0.12	)	$	(0.35	)

Subsequent Event	12 Months Ended
Subsequent Event	Jan. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Note 18. Subsequent Event In March 2020, the World Health Organization declared the outbreak of a novel coronavirus disease (“COVID-19”) as a pandemic, which continues to spread throughout the world. COVID-19 is having an unprecedented impact on the global economy as national, state and local governments react to this public health crisis. Due to the COVID-19 outbreak, there is significant uncertainty surrounding the potential impact on the Company’s results of operations and cash flows. Continued impacts of the pandemic could materially adversely affect the Company’s near-term and long-term revenues, earnings, liquidity and cash flows.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Accounting Policies [Abstract]

Basis of Accounting

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 financial statements except for cash which is reflected on the consolidated balance sheets. Refer to Note 3 for additional information regarding the Company’s variable interest.

Redeemable Non-Controlling Interest

Use of Estimates

Operating Segments

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 exceed the Federal deposit insurance limit at January 31, 2019 and 2020. The Company maintains its cash and cash equivalents with high-credit-quality financial institutions.

Revenue Recognition

The Company determines revenue recognition through the following steps:

•

Identification of the contract, or contracts, with a customer

•

Identification of the performance obligations in the contract

•

Determination of the transaction price

•

Allocation of the transaction price to the performance obligations in the contract

•

Recognition of revenues when, or as, the Company satisfies a performance obligation

Subscription Revenues

Professional Services Revenues

Contracts with Multiple Performance Obligations

Costs Capitalized to Obtain Revenue Contracts

Judgments

Contracts with customers may include multiple services requiring allocation of the transaction price across the different performance obligations.

Deferred Revenue

Cash and Cash Equivalents

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. Under ASU 2014-09, the timing and amount of revenue recognition may differ in certain situations from the revenues recognized under previous accounting guidance that limited subscription and support revenues to the customer invoice amount for the period of service (collectively billings). 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 our 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.

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


	Fiscal Year Ended January 31,
	2018			2019			2020
Balance, beginning of period	$	349		$	20		$	123
Charged to (recovery of) bad debt expense		(329	)		110			(105	)
Write offs and others		—			(7	)		(18	)

Balance, end of period	$	20		$	123		$	—

Costs Capitalized to Obtain Revenue Contracts

Property and Equipment


Asset Classification		Estimated Useful Life
Furniture and fixtures		3-7 years
Computers and equipment		3 years
Leasehold improvements		Shorter of remaining life of the lease term or estimated useful life

Capitalized Software Costs

Intangible Assets

Impairment Assessment

Goodwill

Business Combinations

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

When and if applicable, potential interest and penalties are accrued as incurred, within income tax expense.

Other Comprehensive Income (Loss)

Foreign Currency Exchange

Stock-Based Compensation

Basic and Diluted Loss per Common Share

Recently Adopted Accounting Guidance

Recently Adopted Accounting Guidance:

Recent Accounting Pronouncements Not Yet Adopted:

Recently Adopted Accounting Guidance:


	As of January 31, 2019			Topic 606 Adjustments			As of February 1, 2019
Accounts receivable, less allowance for doubtful accounts ⁽¹⁾	$	25,495		$	(1,978	)	$	23,517
Costs capitalized to obtain revenue contracts, current portion, net		—			2,879			2,879
Costs capitalized to obtain revenue contracts, noncurrent, net		—			5,330			5,330

Total assets	$	119,966		$	6,231		$	126,197

Deferred revenue, current portion		34,172			(4,366	)		29,806
Deferred revenue, noncurrent		825			(825	)		—

Total liabilities	$	53,930		$	(5,191	)	$	48,739

Stockholders’ Equity:
Accumulated deficit	$	(104,752	)	$	11,422		$	(93,330	)

(1)	Unbilled accounts receivable previously included in Accounts receivable, less allowance for doubtful accounts before the adoption of Topic 606.

•

Upon adoption, the Company recorded a decrease in deferred revenue of $5.2 million and a decrease of $2.0 million in receivables that were recorded to accumulated deficit.

Adoption of the new revenue standard impacted the Company’s consolidated statement of operations for the year ended January 31, 2020 as follows:


	As reported			Topic 606 Adjustments			Amounts without Topic 606 adoption impact
Subscription	$	103,265		$	2,351		$	105,616
Professional services		34,915			(1,901	)		33,014

Total revenues		138,180			450			138,630

Subscription		31,062			914			31,976
Professional services		33,008			(8	)		33,000

Total cost of revenues		64,070			906			64,976
Gross profit		74,110			(456	)		73,654

Sales and marketing		44,440			2,404			46,844
Research and development		35,304			(21	)		35,283

Total operating expenses		102,280			2,383			104,663

Net loss attributable to nCino, Inc.	$	(27,594	)	$	(2,839	)	$	(30,433	)

Basic and diluted net loss per share	$	(0.35	)	$	0.04		$	(0.39	)

Adoption of the new revenue standard impacted the Company’s consolidated balance sheet as of January 31, 2020 as follows:


	As reported			Topic 606 Adjustments			Amounts without Topic 606 adoption impact
Accounts receivable, less allowance for doubtful accounts	$	34,205		$	260		$	34,465
Costs capitalized to obtain revenue contracts, current portion, net		3,608			(3,608	)		—
Costs capitalized to obtain revenue contracts, noncurrent, net		7,000			(7,000	)		—
Total assets		249,894			(10,348	)		239,546

Deferred revenue, current portion		50,929			3,923			54,852
Total liabilities		78,517			3,923			82,440

Stockholders’ Equity:
Accumulated other comprehensive loss		(408	)		(10	)		(418	)
Accumulated deficit		(120,924	)		(14,261	)		(135,185	)

The Company also adopted the following ASUs effective February 1, 2019, none of which had a material impact on the Company’s consolidated financial statements.

•

ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments

•

ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory

•

ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment

•

ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

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, 2020, and interim periods within annual periods beginning after December 15, 2021, and early adoption is permitted. For leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, lessees and lessors must apply a modified retrospective transition approach. While the Company expects the adoption of this standard to result in an increase to the reported assets and liabilities, it has not yet determined the full impact the adoption of this standard will have on its financial statements and related disclosures.

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. The Company is currently evaluating the impact of this standard to the 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 is currently evaluating the impact of this standard to the consolidated 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. 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

12 Months Ended

Jul. 31, 2020

Jan. 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

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


	Fiscal Year Ended January 31,
	2018			2019			2020
Balance, beginning of period	$	349		$	20		$	123
Charged to (recovery of) bad debt expense		(329	)		110			(105	)
Write offs and others		—			(7	)		(18	)

Balance, end of period	$	20		$	123		$	—

Summary of Estimated Useful Lives by Asset Classification

The estimated useful lives by asset classification are generally as follows:


Asset Classification		Estimated Useful Life
Furniture and fixtures		3-7 years
Computers and equipment		3 years
Leasehold improvements		Shorter of remaining life of the lease term or estimated useful life

Summary of Cumulative Effects of Initially Applying New Revenue Standard


	As of January 31, 2019			Topic 606 Adjustments			As of February 1, 2019
Accounts receivable, less allowance for doubtful accounts ⁽¹⁾	$	25,495		$	(1,978	)	$	23,517
Costs capitalized to obtain revenue contracts, current portion, net		—			2,879			2,879
Costs capitalized to obtain revenue contracts, noncurrent, net		—			5,330			5,330

Total assets	$	119,966		$	6,231		$	126,197

Deferred revenue, current portion		34,172			(4,366	)		29,806
Deferred revenue, noncurrent		825			(825	)		—

Total liabilities	$	53,930		$	(5,191	)	$	48,739

Stockholders’ Equity:
Accumulated deficit	$	(104,752	)	$	11,422		$	(93,330	)

(1)	Unbilled accounts receivable previously included in Accounts receivable, less allowance for doubtful accounts before the adoption of Topic 606.

Summary of New Revenue Standard Impacted Consolidated Statement of Operations and Consolidated Balance Sheet

Adoption of the new revenue standard impacted the Company’s consolidated statement of operations for the year ended January 31, 2020 as follows:


	As reported			Topic 606 Adjustments			Amounts without Topic 606 adoption impact
Subscription	$	103,265		$	2,351		$	105,616
Professional services		34,915			(1,901	)		33,014

Total revenues		138,180			450			138,630

Subscription		31,062			914			31,976
Professional services		33,008			(8	)		33,000

Total cost of revenues		64,070			906			64,976
Gross profit		74,110			(456	)		73,654

Sales and marketing		44,440			2,404			46,844
Research and development		35,304			(21	)		35,283

Total operating expenses		102,280			2,383			104,663

Net loss attributable to nCino, Inc.	$	(27,594	)	$	(2,839	)	$	(30,433	)

Basic and diluted net loss per share	$	(0.35	)	$	0.04		$	(0.39	)

Adoption of the new revenue standard impacted the Company’s consolidated balance sheet as of January 31, 2020 as follows:


	As reported			Topic 606 Adjustments			Amounts without Topic 606 adoption impact
Accounts receivable, less allowance for doubtful accounts	$	34,205		$	260		$	34,465
Costs capitalized to obtain revenue contracts, current portion, net		3,608			(3,608	)		—
Costs capitalized to obtain revenue contracts, noncurrent, net		7,000			(7,000	)		—
Total assets		249,894			(10,348	)		239,546

Deferred revenue, current portion		50,929			3,923			54,852
Total liabilities		78,517			3,923			82,440

Stockholders’ Equity:
Accumulated other comprehensive loss		(408	)		(10	)		(418	)
Accumulated deficit		(120,924	)		(14,261	)		(135,185	)

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

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 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

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


Balance as of January 31, 2019	$	—
Investment by redeemable non-controlling interest		4,513
Net loss attributable to redeemable non-controlling interest		(141	)
Foreign currency translation		(16	)

Balance as of January 31, 2020	$	4,356

Fair Value of Financial Instruments (Tables)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 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

The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2019 and 2020 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis As of January 31, 2019
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	59,630	$	—	$	—

Total assets	$	59,630	$	—	$	—


	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, 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

A reconciliation of the beginning and ending balances for contingent consideration obligations are as follows:


Balance as of January 31, 2018	$	—
Acquisitions		—
Change in fair value		—
Translation adjustments		—

Balance as of January 31, 2019		—
Acquisitions		197
Change in fair value		—
Translation adjustments		(2	)

Balance as of January 31, 2020	$	195

Revenues (Tables)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 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

Revenue by geographic region were as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
United States	$	58,075	$	87,328	$	127,192
International		67		4,207		10,988

	$	58,142	$	91,534	$	138,180

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

Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2019 and 2020:


	As of January 31,
	2019			2020
Trade accounts receivable	$	21,999		$	32,686
Unbilled accounts receivable		3,589			1,425
Other accounts receivable		30			94
Allowances		(123	)		—

Total accounts receivable, net	$	25,495		$	34,205

Property and Equipment (Tables)

12 Months Ended

Jan. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of January 31,
	2019			2020
Furniture and fixtures	$	4,407		$	5,279
Computers and equipment		2,743			3,907
Leasehold Improvements		6,834			8,436
Construction-in-progress		42			2,055

		14,026			19,677
Less accumulated depreciation		(3,620	)		(6,200	)

	$	10,406		$	13,477

Schedule of Company Recognized Depreciation Expense

The Company recognized depreciation expense as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
Cost of revenues	$	346	$	534	$	949
Sales and marketing		238		368		739
Research and development		270		383		835
General and administrative		116		173		338

Total depreciation expense	$	970	$	1,458	$	2,861

Business Combinations (Tables)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

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

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

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


	Fair Value
Cash and cash equivalents	$	1,209
Accounts receivable		1,177
Other current and noncurrent assets		574
Intangible assets		25,500
Goodwill		46,584
Accounts payable, accrued expenses and other liabilities, current and noncurrent		(1,804	)

Net assets acquired	$	73,240

Schedule of Intangible Assets Amortization and Useful Lives


	Fair Value		Useful Life
Developed technology	$	3,800		4 years
Customer relationships		21,600		13 years
Trademarks		100		< 1 year

Total intangible assets subject to amortization	$	25,500

Schedule of Proforma Statements of Operations

The table below shows the pro forma statements of operations for the respective years ending January 31:


	(Unaudited) January 31,
	2019			2020
Revenues	$	102,244		$	142,958
Net loss attributable to nCino, Inc.		(24,954	)		(27,647	)

Fin Suite Pty Ltd

Schedule of Business Acquisitions, by Acquisition

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

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:


	Fair Value
Cash and cash equivalents	$	17
Accounts receivable		78
Other current and noncurrent assets		301
Intangible assets		2,376
Goodwill		9,405
Accounts payable, accrued expenses and other liabilities, current and noncurrent		(666	)

Net assets acquired	$	11,511

Schedule of Intangible Assets Amortization and Useful Lives


	Fair Value		Useful Life
Developed technology	$	2,244		4 years
Customer relationships		107		13 years
Trademarks		25		< 1 year

Total intangible assets subject to amortization	$	2,376

Intangible Assets and Goodwill (Tables)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 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

Intangible assets, net are as follows:


	As of January 31, 2020							Weighted Average Remaining Useful Life (Years)
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	6,008	$	(695	)	$	5,313		3.5
Customer relationships		21,706		(937	)		20,769		12.4
Trademarks		125		(114	)		11		0.2

	$	27,839	$	(1,746	)	$	26,093		10.6

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

The Company recognized amortization expense as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
Cost of revenues	$	—	$	—	$	697
Sales and marketing		—		—		937
General and administrative		—		—		114

Total amortization expense	$	—	$	—	$	1,748

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

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


Fiscal Year Ending January 31,
2021	$	3,182
2022		3,172
2023		3,172
2024		2,478
2025		1,670
Thereafter		12,419

	$	26,093

Schedule of Change in Carrying Amount of Goodwill

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


Balance as of January 31, 2018	$	—
Acquisitions		—
Translation adjustments		—

Balance as of January 31, 2019		—
Acquisitions		55,989
Translation adjustments		(149	)

Balance as of January 31, 2020	$	55,840

Stockholders' Equity (Tables)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 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

At January 31, 2020, the Company committed a total of 9,579,061 shares of common stock for future issuance as follows:


Issued and outstanding stock options			7,837,023
Nonvested issued and outstanding restricted stock units (“RSU”s)			948,119
Possible issuance under incentive plans			793,919

			9,579,061

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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Share-based Payment Arrangement [Abstract]

Stock-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Assumptions Utilized for Stock Options

The assumptions utilized for the fiscal years ended January 31, 2018, 2019, and 2020 are as follows:


	2018	2019	2020
Expected life (in years from vesting)	6.08 - 6.25	6.25	6.10 -6.25
Expected volatility	42% - 44%	40% - 41%	40%
Expected dividends	0.00%	0.00%	0.00%
Risk-free rate	2.07% - 2.27%	2.71% - 3.06%	1.63% - 2.59%

Schedule of Recognized Stock-based Compensation Expense related to the Option Grants under the Incentive Plans

The Company recognized stock-based compensation expense related to the option grants under the Incentive Plans as follows:


	Fiscal Year Ended January 31,
	2018		2019		2020
Cost of revenues	$	1,357	$	1,487	$	1,517
Sales and marketing		940		1,078		1,260
Research and development		1,070		1,056		1,245
General and administrative ⁽¹⁾		459		474		1,723

Total stock-based compensation expense	$	3,826	$	4,095	$	5,745

(1)

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

A summary of option activity under the Incentive Plans during the fiscal years ended January 31, 2018, 2019 and 2020 are as follows:


	Number of Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (In thousands)
Outstanding, January 31, 2017		6,845,834		$	1.94		7.76
Granted		4,267,151			5.17
Expired or forfeited		(125,642	)		2.93
Exercised		(695,384	)		1.35			$	2,617

Outstanding, January 31, 2018		10,291,959			3.31		7.77

Granted		969,762			13.50
Expired or forfeited		(209,313	)		9.46
Exercised		(2,845,482	)		2.20			$	32,365

Outstanding, January 31, 2019		8,206,926		$	4.74		7.34

Granted		353,900			17.54
Expired or forfeited		(265,033	)		6.82
Exercised		(458,770	)		2.27			$	7,639

Outstanding, January 31, 2020		7,837,023		$	5.39		6.54	$	126,245

Exercisable, January 31, 2020		4,832,586		$	3.68		5.88	$	86,099

Fully vested or expected to vest, January 31, 2020		7,053,321		$	5.39		6.54	$	113,620

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

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

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2020

Income Tax Disclosure [Abstract]

Components of Loss Before Income Tax Expense by Domestic and Foreign Jurisdictions

The components of loss before income tax expense by domestic and foreign jurisdictions were as follows:


	Fiscal Year Ended January 31,
	2018			2019			2020
United States	$	(18,757	)	$	(17,333	)	$	(20,547	)
Foreign		218			(4,779	)		(6,602	)

Income Before Taxes	$	(18,539	)	$	(22,112	)	$	(27,149	)

Provision for Income Taxes

The provision for income taxes consisted of the following:


	Fiscal Year Ended January 31,
	2018		2019		2020
Current:
Federal	$	—	$	—	$	—
State		—		—		21
Foreign		50		194		410

		50		194		431
Deferred:
Federal		—		—		76
State		—		—		56
Foreign		—		—		23

Deferred tax expense		—		—		155

Total tax expense:	$	50	$	194	$	586

Differences Between Income Taxes Expected at the US Federal Statutory Income Tax Rate and the Reported Income Tax Expense

The differences between income taxes expected at the US federal statutory income tax rate and the reported income tax expense are summarized as follows:


	Fiscal Year Ended January 31,
	2018					2019					2020
Income tax benefit at statutory rate of 21% for 2019 and 2020 (2018: 33.8%)	$	(6,268	)	33.8	%	$	(4,644	)	21.0	%	$	(5,701	)	21.0	%
State income tax benefit, net of federal impact		(780	)	4.2	%		(1,331	)	6.0	%		141		-0.5	%
Changes in valuation allowance		(3,284	)	17.7	%		11,627		-52.6	%		3,303		-12.2	%
Impacts of adoption of the new revenue standard		—		0.0	%		—		0.0	%		2,389		-8.8	%
Nondeductible expenses		66		-0.4	%		175		-0.8	%		231		-0.8	%
Foreign rate differential		(32	)	0.2	%		96		-0.4	%		108		-0.4	%
Stock-based compensation		181		-1.0	%		(5,753	)	26.0	%		19		-0.1	%
Remeasurement of deferred taxes due to Tax Cuts and Jobs Act		9,958		-53.7	%		—		0.0	%		—		0.0	%
Other		209		-1.1	%		24		-0.1	%		96		-0.4	%

	$	50		-0.3	%	$	194		-0.9	%	$	586		-2.2	%

Significant Components of Company's Net Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities were as follows:


	As of January 31,
	2019			2020
Deferred tax assets:
Net operating losses	$	31,765		$	35,608
Equity compensation		876			1,655
Reserves and accrueds		342			1,156
Deferred rent		44			416
Transaction costs		—			311
Deferred revenue		—			151
Depreciation		—			126
Other		160			238

Total deferred tax assets		33,187			39,661
Less valuation allowance		(33,121	)		(36,425	)

Total deferred tax assets, net of valuation allowances		66			3,236

Deferred tax liabilities:
Contract acquisition costs		—			(2,568	)
Remaining perforamance obligations					(497	)
Intangibles					(316	)
Other		(66	)		(49	)

Total deferred tax liabilities		(66	)		(3,430	)

Net deferred tax liabilities	$	—		$	(194	)

Federal Loss Carryforwards That May be Offset Against Future Taxable Income

The Company has federal loss carryforwards totaling $267,652 that may be offset against future taxable income. If not used, the carryforwards will expire as follows:


Fiscal Year Ending January 31,
2032 and before	$	40,606
2033		7,098
2034		18,355
2035		20,379
2036		9,995
2037		51,551
2038		25,766
2039		13,900
2040		3,291
Indefinite		76,710

	$	267,652

Commitments and Contingencies (Tables)

12 Months Ended

Jan. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments for Operating Leases

Future minimum lease payments required under operating leases at January 31, 2020 are as follows:


Fiscal Year Ending January 31,
2021	$	6,068
2022		4,523
2023		3,815
2024		3,245
2025		1,276
Thereafter		3,798

	$	22,725

Basic and Diluted Loss per Share (Tables)

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 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	)

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


	Fiscal Year Ended January 31,
	2018			2019			2020
Basic loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(18,589	)	$	(22,306	)	$	(27,594	)
Denominator
Weighted-average common shares outstanding		68,290,570			74,593,709			78,316,794
Basic loss per share attributable to nCino, Inc.	$	(0.27	)	$	(0.30	)	$	(0.35	)
Dilutive loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(18,589	)	$	(22,306	)	$	(27,594	)
Denominator
Weighted-average common shares outstanding		68,290,570			74,593,709			78,316,794
Dilutive loss per share attributable to nCino, Inc.	$	(0.27	)	$	(0.30	)	$	(0.35	)

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


	Fiscal Year Ended January 31,
	2018		2019		2020
Stock options issued and outstanding		10,291,959		8,206,926		7,837,023
Nonvested RSUs issued and outstanding		—		—		948,119

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Jan. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

Selected summarized quarterly financial information for fiscal 2019 and 2020 is as follows:


	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			Fiscal Year
Fiscal Year Ended January 31, 2019
Revenues	$	19,064		$	22,630		$	23,663		$	26,177		$	91,534
Cost of revenues		10,119			11,048			12,210			13,074			46,451

Gross profit		8,945			11,582			11,453			13,103			45,083
Operating expenses:
Sales and marketing		5,833			7,909			7,844			9,692			31,278
Research and development		4,595			4,941			5,823			6,871			22,230
General and administrative		2,922			4,217			2,806			4,846			14,791

Total operating expenses		13,350			17,067			16,473			21,409			68,299

Loss from operations		(4,405	)		(5,485	)		(5,020	)		(8,306	)		(23,216	)
Total other income (expense), net		214			206			108			576			1,104

Loss before income tax expense		(4,191	)		(5,279	)		(4,912	)		(7,730	)		(22,112	)
Income tax expense		60			45			14			75			194

Net loss attributable to nCino, Inc.	$	(4,251	)	$	(5,324	)	$	(4,926	)	$	(7,805	)	$	(22,306	)

Basic and diluted net loss per share attributable to nCino, Inc.	$	(0.06	)	$	(0.07	)	$	(0.07	)	$	(0.11	)	$	(0.30	)

Fiscal Year Ended January 31, 2020
Revenues	$	29,836		$	31,978		$	37,862		$	38,504		$	138,180
Cost of revenues		14,038			14,770			16,889			18,373			64,070

Gross profit		15,798			17,208			20,973			20,131			74,110
Operating expenses:
Sales and marketing		8,015			10,453			12,602			13,370			44,440
Research and development		7,366			8,272			9,534			10,132			35,304
General and administrative		3,909			6,430			5,557			6,640			22,536

Total operating expenses		19,290			25,155			27,693			30,142			102,280

Loss from operations		(3,492	)		(7,947	)		(6,720	)		(10,011	)		(28,170	)
Total other income (expense), net		209			(353	)		789			376			1,021

Loss before income tax expense		(3,283	)		(8,300	)		(5,931	)		(9,635	)		(27,149	)
Income tax expense		136			202			158			90			586

Net loss		(3,419	)		(8,502	)		(6,089	)		(9,725	)		(27,735	)
Net loss attributable to non-controlling interest		—			—			(60	)		(81	)		(141	)

Net loss attributable to nCino, Inc.	$	(3,419	)	$	(8,502	)	$	(6,029	)	$	(9,644	)	$	(27,594	)

Basic and diluted net loss per share attributable to nCino, Inc.	$	(0.05	)	$	(0.11	)	$	(0.08	)	$	(0.12	)	$	(0.35	)

Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended	12 Months Ended
	Jul. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)	Jan. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)
Concentration Risk [Line Items]
Number of Operating Segments \| Segment			1
Costs capitalized during the period			$ 0		$ 0		$ 0
Unamortized capitalized software costs			0		0
Impairment of intangible assets		$ 0		$ 0		$ 0
Foreign currency transaction			40,000		100,000		$ 5,000
Accumulated deficit	$ (140,072,000)		(120,924,000)		$ (104,752,000)
Contract acquisition costs			8,200,000
Decrease in deferred revenue			(5,200,000)
Decrease in accumulated deficit			(2,000,000)
Decrease impact of subscription revenue			(900,000)
Increase impact of subscription revenue			$ 600,000
Customer Concentration Risk \| Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage			6.00%		9.00%		14.00%
Customer Concentration Risk \| Three Customers [Member]
Concentration Risk [Line Items]
Concentration risk, percentage							20.00%
Customer Concentration Risk \| Equity Holders
Concentration Risk [Line Items]
Concentration risk, percentage			3.00%		4.00%		14.00%
Accounts Receivable \| Customer Concentration Risk \| Two Customers
Concentration Risk [Line Items]
Concentration risk, percentage			22.00%		29.00%		40.00%
Accounts Receivable \| Customer Concentration Risk \| Three Customers [Member]
Concentration Risk [Line Items]
Concentration risk, percentage							58.00%
Accounts Receivable \| Customer Concentration Risk \| Equity Holders
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%		14.00%		40.00%
Accounts Receivable \| Customer Concentration Risk \| One Customer
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Minimum \| Software Development
Concentration Risk [Line Items]
Property plant and equipment useful life			2 years
Maximum \| Software Development
Concentration Risk [Line Items]
Property plant and equipment useful life			5 years
Cumulative Effect, Period of Adoption, Adjustment
Concentration Risk [Line Items]
Accumulated deficit			$ 11,400,000
Sales and marketing
Concentration Risk [Line Items]
Advertising cost			$ 3,700,000		$ 1,800,000		$ 1,200,000

Summary of Significant Accounting Policies - Summary of Uncollectible Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 167	$ 0	$ 0	$ 123	$ 123	$ 20	$ 349
Charged to (recovery of) bad debt expense	452	0	619	(105)	(105)	103	(329)
Write off of uncollectible accounts	0	0	0	(18)	(18)	(7)	0
Translation adjustments	3	0	3	0
Balance, end of period	$ 622	$ 0	$ 622	$ 0	$ 0	123	$ 20
Previously Reported
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Charged to (recovery of) bad debt expense						$ 110

Summary of Significant Accounting Policies - Property and Equipment Useful Lives (Detail)	12 Months Ended
	Jan. 31, 2020
Computers and equipment
Significant Accounting Policies [Line Items]
Property plant and equipment useful life	3 years
Leasehold Improvements
Significant Accounting Policies [Line Items]
Property plant and equipment useful life	Shorter of remaining life of the lease term or estimated useful life
Minimum \| Furniture and fixtures
Significant Accounting Policies [Line Items]
Property plant and equipment useful life	3 years
Maximum \| Furniture and fixtures
Significant Accounting Policies [Line Items]
Property plant and equipment useful life	7 years

Summary of Significant Accounting Policies - Cummulative Effect of Accounting Standard (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Feb. 01, 2019	Jan. 31, 2019
Significant Accounting Policies [Line Items]
Accounts receivable, less allowance for doubtful accounts	$ 30,228	$ 34,205		$ 25,495
Costs capitalized to obtain revenue contracts, current portion, net	4,007	3,608		0
Costs capitalized to obtain revenue contracts, noncurrent, net	7,817	7,000		0
Total assets	533,799	250,151		119,966
Deferred revenue, current portion	84,288	50,929		34,172
Deferred revenue, noncurrent		0		825
Total liabilities	101,925	78,522		53,930
Stockholders' Equity:
Accumulated deficit	$ (140,072)	(120,924)		(104,752)
Revision of Prior Period, Accounting Standards Update, Adjustment
Significant Accounting Policies [Line Items]
Accounts receivable, less allowance for doubtful accounts			$ 23,517	25,495
Costs capitalized to obtain revenue contracts, current portion, net		3,608	2,879
Costs capitalized to obtain revenue contracts, noncurrent, net		7,000	5,330
Total assets		249,894	126,197	119,966
Deferred revenue, current portion		50,929	29,806	34,172
Deferred revenue, noncurrent				825
Total liabilities		78,517	48,739	53,930
Stockholders' Equity:
Accumulated deficit		(120,924)	(93,330)	$ (104,752)
Revision of Prior Period, Accounting Standards Update, Adjustment \| Topic 606 Adjustments
Significant Accounting Policies [Line Items]
Accounts receivable, less allowance for doubtful accounts			(1,978)
Costs capitalized to obtain revenue contracts, current portion, net		(3,608)	2,879
Costs capitalized to obtain revenue contracts, noncurrent, net		(7,000)	5,330
Total assets		(10,348)	6,231
Deferred revenue, current portion		3,923	(4,366)
Deferred revenue, noncurrent			(825)
Total liabilities		3,923	(5,191)
Stockholders' Equity:
Accumulated deficit		$ (14,261)	$ 11,422

Summary of Significant Accounting Policies - Summary of New Revenue Standard Impacted Consolidated Statement of Operations (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jul. 31, 2020

Jul. 31, 2019

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

$ 48,765

$ 38,504

$ 37,862

$ 31,978

$ 29,836

$ 26,177

$ 23,663

$ 22,630

$ 19,064

$ 93,477

$ 61,814

$ 138,180

$ 91,534

$ 58,142

22,587

18,373

16,889

14,770

14,038

13,074

12,210

11,048

10,119

41,453

28,808

64,070

46,451

30,471

26,178

20,131

20,973

17,208

15,798

13,103

11,453

11,582

8,945

52,024

33,006

74,110

45,083

27,671

15,626

^[1]

13,370

12,602

10,453

^[1]

8,015

9,692

7,844

7,909

5,833

27,852

^[1]

18,468

^[1]

44,440

31,278

20,954

15,292

^[1]

10,132

9,534

8,272

^[1]

7,366

6,871

5,823

4,941

4,595

26,257

^[1]

15,638

^[1]

35,304

22,230

16,559

41,871

30,142

27,693

25,155

19,290

$ 21,409

$ 16,473

$ 17,067

$ 13,350

71,988

44,445

102,280

68,299

46,446

$ (14,646)

$ (9,644)

$ (6,029)

$ (8,502)

$ (3,419)

$ (19,415)

$ (11,921)

$ (27,594)

$ (22,306)

$ (18,589)

Revision of Prior Period, Accounting Standards Update, Adjustment

$ (0.17)

$ (0.12)

$ (0.08)

$ (0.11)

$ (0.05)

$ (0.11)

$ (0.07)

$ (0.06)

$ (0.23)

$ (0.16)

$ (0.35)

$ (0.30)

$ (0.27)

$ 138,180

64,070

74,110

44,440

35,304

102,280

$ (27,594)

Topic 606 Adjustments | Revision of Prior Period, Accounting Standards Update, Adjustment

$ (0.35)

$ 450

906

(456)

2,404

(21)

2,383

$ (2,839)

$ 0.04

License and Service

$ 39,351

$ 23,110

$ 74,182

$ 44,142

$ 103,265

$ 64,458

$ 38,048

License and Service | Revision of Prior Period, Accounting Standards Update, Adjustment

11,920

^[1]

7,083

^[1]

22,019

^[1]

13,585

^[1]

31,062

19,995

12,581

103,265

License and Service | Topic 606 Adjustments | Revision of Prior Period, Accounting Standards Update, Adjustment

(31,062)

2,351

(914)

Professional Services

9,414

8,868

19,295

17,672

34,915

27,076

20,094

Professional Services | Revision of Prior Period, Accounting Standards Update, Adjustment

$ 10,667

^[1]

$ 7,687

^[1]

$ 19,434

^[1]

$ 15,223

^[1]

33,008

$ 26,456

$ 17,890

34,915

Professional Services | Topic 606 Adjustments | Revision of Prior Period, Accounting Standards Update, Adjustment

(33,008)

(1,901)

Amount Without Topic 606 Adoption Impact | Revision of Prior Period, Accounting Standards Update, Adjustment

138,630

64,976

73,654

46,844

35,283

104,663

$ (30,433)

Amount Without Topic 606 Adoption Impact | License and Service | Revision of Prior Period, Accounting Standards Update, Adjustment

$ (0.39)

$ 105,616

Amount Without Topic 606 Adoption Impact | Professional Services | Revision of Prior Period, Accounting Standards Update, Adjustment

(31,976)

33,014

$ (33,000)

[1]	Includes stock-based compensation expense as follows

Summary of Significant Accounting Policies - Summary of New Revenue Standard Impacted Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Feb. 01, 2019	Jan. 31, 2019
Significant Accounting Policies [Line Items]
Accounts receivable, less allowance for doubtful accounts	$ 622	$ 0		$ 123
Costs capitalized to obtain revenue contracts, current portion, net	4,007	3,608		0
Costs capitalized to obtain revenue contracts, noncurrent, net	7,817	7,000		0
Total assets	533,799	250,151		119,966
Deferred revenue, current portion	84,288	50,929		34,172
Total liabilities	101,925	78,522		53,930
Stockholders' Equity:
Accumulated other comprehensive loss	202	(408)		(21)
Accumulated deficit	$ (140,072)	(120,924)		(104,752)
Revision of Prior Period, Accounting Standards Update, Adjustment
Significant Accounting Policies [Line Items]
Accounts receivable, less allowance for doubtful accounts		34,205
Costs capitalized to obtain revenue contracts, current portion, net		3,608	$ 2,879
Costs capitalized to obtain revenue contracts, noncurrent, net		7,000	5,330
Total assets		249,894	126,197	119,966
Deferred revenue, current portion		50,929	29,806	34,172
Total liabilities		78,517	48,739	53,930
Stockholders' Equity:
Accumulated other comprehensive loss		(408)
Accumulated deficit		(120,924)	(93,330)	$ (104,752)
Topic 606 Adjustments \| Revision of Prior Period, Accounting Standards Update, Adjustment
Significant Accounting Policies [Line Items]
Accounts receivable, less allowance for doubtful accounts		260
Costs capitalized to obtain revenue contracts, current portion, net		(3,608)	2,879
Costs capitalized to obtain revenue contracts, noncurrent, net		(7,000)	5,330
Total assets		(10,348)	6,231
Deferred revenue, current portion		3,923	(4,366)
Total liabilities		3,923	(5,191)
Stockholders' Equity:
Accumulated other comprehensive loss		(10)
Accumulated deficit		(14,261)	$ 11,422
Amount Without Topic 606 Adoption Impact \| Revision of Prior Period, Accounting Standards Update, Adjustment
Significant Accounting Policies [Line Items]
Accounts receivable, less allowance for doubtful accounts		34,465
Total assets		239,546
Deferred revenue, current portion		54,852
Total liabilities		82,440
Stockholders' Equity:
Accumulated other comprehensive loss		(418)
Accumulated deficit		$ (135,185)

Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Detail) - nCino K.K - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2019	Jul. 31, 2020	Jan. 31, 2020
Schedule of Equity Method Investments [Line Items]
Payments to noncontrolling interests	$ 4.7
Estimated redeemable noncontrolling interest redemption Value		$ 0.3	$ 0.0
nCino K.K
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent	51.00%

Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured At Fair Value (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	$ 4,384	$ 0	$ 4,356	$ 0	$ 0
Investment by redeemable non-controlling interest					4,513
Net loss attributable to redeemable non-controlling interest	(232)	0	(408)	0	(141)
Foreign currency translation	78	0	169	0	(16)
Adjustment to redeemable non-controlling interest	154	0	267	0
Balance, end of period	$ 4,384	$ 0	$ 4,384	$ 0	$ 4,356

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.

Fair Value of Financial Instruments - Summary of Financial Assets (Detail) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
Level 1
Assets:
Total assets	$ 353,857	$ 67,119	$ 59,630
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	59,630
Level 2
Assets:
Total assets	0	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	0
Level 3
Assets:
Total assets	0	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	$ 0

Fair Value of Financial Instruments - Reconciliation for Contingent Consideration Obligations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 190	$ 0	$ 195	$ 0	$ 0	$ 0
Acquisitions	0	0	0	0	197	0
Change in fair value	0	0	0	0	0	0
Translation adjustments	19	0	14	0	(2)	0
Balance, end of period	$ 209	$ 0	$ 209	$ 0	$ 195	$ 0

Revenues - Revenue By Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 48,765	$ 38,504	$ 37,862	$ 31,978	$ 29,836	$ 26,177	$ 23,663	$ 22,630	$ 19,064	$ 93,477	$ 61,814	$ 138,180	$ 91,534	$ 58,142
United States
Disaggregation of Revenue [Line Items]
Total revenues	44,049			29,653						84,520	57,332	127,192	87,328	58,075
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,716			$ 2,325						$ 8,957	$ 4,482	$ 10,988	$ 4,207	$ 67

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.

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
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-Name Accounting Standards Codification
-Topic 280
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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)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (b)
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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
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-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
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
Revenue from Contract with Customer [Abstract]
Trade accounts receivable	$ 29,082	$ 32,686	$ 21,999
Unbilled accounts receivable	1,321	1,425	3,589
Other accounts receivable	447	94	30
Allowance for doubtful accounts	(622)	0	(123)
Total accounts receivable, net	$ 30,228	$ 34,205	$ 25,495

Revenues - Narrative (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

^[1]

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jul. 31, 2020

Jul. 31, 2019

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

Feb. 01, 2019

Contract with customer, liability, revenue recognized

$ 43,100

$ 36,700

Remaining performance obligation amount

$ 455,700

$ 431,500

455,700

431,500

Capitalized contract cost, Amortization

2,430

$ 1,532

3,243

$ 0

Research and development expense

15,292

^[1]

10,132

$ 9,534

$ 8,272

$ 7,366

$ 6,871

$ 5,823

$ 4,941

$ 4,595

26,257

^[1]

15,638

^[1]

35,304

22,230

16,559

Sales and marketing expense

15,626

^[1]

13,370

$ 12,602

$ 10,453

$ 8,015

9,692

$ 7,844

$ 7,909

$ 5,833

27,852

^[1]

$ 18,468

^[1]

44,440

31,278

$ 20,954

Costs capitalized to obtain revenue contracts, noncurrent, net

$ 7,817

$ 7,000

$ 0

$ 7,817

$ 7,000

$ 0

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-01

Remaining performance obligation, expected timing of satisfaction

59.00%

24 months

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01

Remaining performance obligation, expected timing of satisfaction

66.00%

24 months

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01

34.00%

Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01

30.00%

Remaining performance obligation, expected timing of satisfaction

25 months

Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01

Remaining performance obligation, expected timing of satisfaction

25 months

Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01

Remaining performance obligation, expected timing of satisfaction

48 months

Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01

Remaining performance obligation, expected timing of satisfaction

48 months

Costs Capitalized to Obtain Revenue Contracts

Capitalized contract cost, Amortization

$ 10

Research and development expense

Sales and marketing expense

3,200

Capitalized contract acquisition costs

$ 10,600

10,600

$ 8,200

Costs capitalized to obtain revenue contracts, noncurrent, net

$ 7,000

[1]	Includes stock-based compensation expense as follows

Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross		$ 19,677	$ 14,026
Less accumulated depreciation		(6,200)	(3,620)
Property, plant and equipment, Net	$ 14,591	13,477	10,406
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross		5,279	4,407
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross		3,907	2,743
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross		8,436	6,834
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Gross		$ 2,055	$ 42

Property and Equipment - Schedule of Company Recognized Depreciation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 2,861	$ 1,458	$ 970
Cost of subscription revenues
Property, Plant and Equipment [Line Items]
Total depreciation expense	949	534	346
Sales and marketing
Property, Plant and Equipment [Line Items]
Total depreciation expense	739	368	238
Research and development
Property, Plant and Equipment [Line Items]
Total depreciation expense	835	383	270
General and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 338	$ 173	$ 116

Property and Equipment - Narrative (Detail) $ in Millions	Feb. 01, 2020 USD ($)
Subsequent Event
Property, Plant and Equipment [Line Items]
Additional furniture and fixtures and leasehold improvements	$ 1.2

Business Combinations - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended	7 Months Ended	12 Months Ended
	Oct. 18, 2019	Jul. 08, 2019	Jan. 31, 2020	Jul. 31, 2020	Jan. 31, 2020	Jan. 31, 2020	Jan. 31, 2019	Sep. 30, 2019
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration - cash payment				$ 200		$ 200
Fair value of contingent consideration			$ 6,000		$ 6,000	6,000
First Initial Tranche Earn-Out
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration - cash payment				$ 100		$ 100
Equity interest issued or issuable, number of shares (in shares)				142,846		142,846
Second Initial Tranche Earn-Out
Business Acquisition, Contingent Consideration [Line Items]
Contingent consideration - cash payment				$ 100		$ 100
Equity interest issued or issuable, number of shares (in shares)				142,846		142,846
Visible Equity, LLC
Business Acquisition, Contingent Consideration [Line Items]
Revenues					5,600
Net loss attributable to nCino, Inc.					$ 1,700
Visible Equity, LLC \| General and administrative
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition, Transaction Costs		$ 800
Visible Equity, LLC \| Voting Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Business acquisition, equity interest issued or issuable, value assigned per share		$ 16.55
Equity interest issued or issuable, number of shares (in shares)		1,438,805
Fin Suite Pty Ltd
Business Acquisition, Contingent Consideration [Line Items]
Revenues			800			$ 142,958	$ 102,244
Net loss attributable to nCino, Inc.			$ 300			(27,647)	$ (24,954)
Contingent consideration - cash payment	$ 197
Fin Suite Pty Ltd \| General and administrative
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition, Transaction Costs						$ 300
Fin Suite Pty Ltd \| Voting Common Stock
Business Acquisition, Contingent Consideration [Line Items]
Business acquisition, equity interest issued or issuable, value assigned per share								$ 21.75
Equity interest issued or issuable, number of shares (in shares)	63,967

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

Business Combinations - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Oct. 18, 2019	Jul. 08, 2019	Jan. 31, 2019
Business Acquisition [Line Items]
Goodwill	$ 56,527	$ 55,840			$ 0
Visible Equity, LLC
Business Acquisition [Line Items]
Cash and cash equivalents				$ 1,209
Accounts receivable				1,177
Other current and noncurrent assets				574
Intangible assets				25,500
Goodwill				46,584
Accounts payable, accrued expenses and other liabilities, current and noncurrent				(1,804)
Net assets acquired				$ 73,240
Fin Suite Pty Ltd
Business Acquisition [Line Items]
Cash and cash equivalents			$ 17
Accounts receivable			78
Other current and noncurrent assets			301
Intangible assets			2,376
Goodwill			9,405
Accounts payable, accrued expenses and other liabilities, current and noncurrent			(666)
Net assets acquired			$ 11,511

Business Combinations - Intangible Assets Amortization and Useful Lives (Detail) - USD ($) $ in Thousands			12 Months Ended
	Oct. 18, 2019	Jul. 08, 2019	Jan. 31, 2020	Jul. 31, 2020	Jan. 31, 2019
Business Acquisition [Line Items]
Total intangible assets subject to amortization			$ 26,093	$ 24,636	$ 0
Acquired finite lived intangible assets weighted average useful life			10 years 7 months 6 days
Acquired developed technology
Business Acquisition [Line Items]
Total intangible assets subject to amortization			$ 5,313	4,695
Acquired finite lived intangible assets weighted average useful life			3 years 6 months
Customer relationships
Business Acquisition [Line Items]
Total intangible assets subject to amortization			$ 20,769	$ 19,941
Acquired finite lived intangible assets weighted average useful life			12 years 4 months 24 days
Trademarks
Business Acquisition [Line Items]
Total intangible assets subject to amortization			$ 11
Acquired finite lived intangible assets weighted average useful life			3 months 18 days
Visible Equity, LLC
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 25,500
Visible Equity, LLC \| Acquired developed technology
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 3,800
Acquired finite lived intangible assets weighted average useful life		4 years
Visible Equity, LLC \| Customer relationships
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 21,600
Acquired finite lived intangible assets weighted average useful life		13 years
Visible Equity, LLC \| Trademarks
Business Acquisition [Line Items]
Total intangible assets subject to amortization		$ 100
Visible Equity, LLC \| Trademarks \| Maximum
Business Acquisition [Line Items]
Acquired finite lived intangible assets weighted average useful life		1 year
Fin Suite Pty Ltd
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 2,376
Fin Suite Pty Ltd \| Acquired developed technology
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 2,244
Acquired finite lived intangible assets weighted average useful life	4 years
Fin Suite Pty Ltd \| Customer relationships
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 107
Acquired finite lived intangible assets weighted average useful life	13 years
Fin Suite Pty Ltd \| Trademarks
Business Acquisition [Line Items]
Total intangible assets subject to amortization	$ 25
Fin Suite Pty Ltd \| Trademarks \| Maximum
Business Acquisition [Line Items]
Acquired finite lived intangible assets weighted average useful life	1 year

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

Business Combinations - Schedule Of Statement Of Operations (Detail) - Fin Suite Pty Ltd - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items]
Revenues	$ 800	$ 142,958	$ 102,244
Net loss attributable to nCino, Inc.	$ 300	$ (27,647)	$ (24,954)

Intangible Assets and Goodwill - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jul. 31, 2020	Jan. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (Years)	10 years 7 months 6 days
Gross Amount	$ 27,839	$ 28,013
Accumulated Amortization	(1,746)	(3,377)
Net Carrying Amount	$ 26,093	24,636	$ 0
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (Years)	3 years 6 months
Gross Amount	$ 6,008	6,172
Accumulated Amortization	(695)	(1,477)
Net Carrying Amount	$ 5,313	4,695
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (Years)	12 years 4 months 24 days
Gross Amount	$ 21,706	21,714
Accumulated Amortization	(937)	(1,773)
Net Carrying Amount	$ 20,769	19,941
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Remaining Useful Life (Years)	3 months 18 days
Gross Amount	$ 125	127
Accumulated Amortization	(114)	$ (127)
Net Carrying Amount	$ 11

Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets						$ 0
Goodwill	$ 56,527,000		$ 56,527,000		$ 55,840,000	$ 0
Foreign currency translation gain (loss)	$ 900,000	$ 0	$ 700,000	$ 0	$ 149,000

Intangible Assets and Goodwill - Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 796	$ 177	$ 1,592	$ 177	$ 1,748
Cost of subscription revenues
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	378	60	747	60	697
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 418	105	835	105	937
General and administrative
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 12	$ 10	$ 12	$ 114

Intangible Assets and Goodwill - Expected Future Amortization Expense (Detail) - USD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021 (remaining)	$ 1,606
2021	3,212	$ 3,182
2022	3,212	3,172
2023	2,511	3,172
2024	1,670	2,478
2025		1,670
Thereafter	12,425
Thereafter		12,419
Net Carrying Amount	$ 24,636	$ 26,093	$ 0

Intangible Assets and Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Balance			$ 55,840	$ 0	$ 0
Acquisitions					55,989
Translation adjustments	$ (900)	$ 0	(700)	$ 0	(149)
Balance	$ 56,527		$ 56,527		$ 55,840

Reseller Agreement - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Affiliated Entity \| Reseller Agreement
Related party costs	$ 8.7	$ 5.4	$ 16.2	$ 10.4	$ 22.8	$ 15.4	$ 9.5

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			6 Months Ended	12 Months Ended
	Sep. 30, 2019	Jan. 31, 2018	Jul. 31, 2017	Jul. 31, 2020	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018	Jul. 13, 2020	Sep. 16, 2019	May 25, 2016
Common stock, shares authorized (in shares)				500,000,000	0
Common stock shares issued, amount					$ 80,000	$ 0	$ 69,305
Exercised vested stock options				326,030	458,770	2,845,482	695,384
Common stock, number of vote per share					$ 1
Common stock, par value (in USD per share)				$ 0.0005	$ 0.0005
Preferred stock, shares authorized (in shares)				10,000,000	1,000,000	1,000,000
Preferred stock, par value (in USD per share)				$ 0.001	$ 0.001	$ 0.001
Private Placement
Common stock shares issued, amount	$ 79,900	$ 51,400	$ 17,800
Common stock shares issued	3,678,161
IPO
Common stock, shares authorized (in shares)				500,000,000				500,000,000
Common stock, par value (in USD per share)				$ 0.0005				$ 0.0005
Preferred stock, shares authorized (in shares)				10,000,000				10,000,000
Preferred stock, par value (in USD per share)				$ 0.001				$ 0.001
Common Stock Voting Shares
Common stock, shares authorized (in shares)									99,708,247	89,708,247
Common stock shares issued related to business combinations					1,502,772
Common Stock Voting Shares \| Private Placement
Common stock shares issued	3,448,276	3,958,354	1,784,700
Nonvoting Common Stock
Common stock, shares authorized (in shares)				0	10,291,753	10,291,753			10,291,753	10,291,753
Common stock, par value (in USD per share)				$ 0.0005	$ 0.0005	$ 0.0005
Nonvoting Common Stock \| Private Placement
Common stock shares issued	229,885

Stockholders' Equity - Common Stock Future Issuance (Detail) - shares	Jul. 31, 2020	Jan. 31, 2020	Jun. 26, 2019	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued and outstanding stock options	7,464,094	7,837,023	334,840	8,206,926	10,291,959	6,845,834
Possible issuance under stock plans	15,280,341	793,919
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for future issuance (in shares)	24,785,528	9,579,061
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued and outstanding stock options	7,464,094	7,837,023
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested issued and outstanding restricted stock units ("RSU"s)	2,041,093	948,119

Stock-Based Compensation - Additional Information (Detail)		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020 USD ($) shares	Jul. 31, 2020 USD ($) shares	Jul. 31, 2019 USD ($)	Jul. 31, 2020 USD ($) $ / shares shares	Jul. 31, 2019 USD ($)	Jan. 31, 2020 USD ($) $ / shares shares	Jan. 31, 2019 USD ($) $ / shares shares	Jan. 31, 2018 USD ($) $ / shares shares
Unrecognized compensation costs period for recognition	3 years 6 months 7 days
Unrecognized compensation costs \| $	$ 30,700,000	$ 30,700,000		$ 30,700,000
Share-based payment arrangement expense \| $		13,269,000	$ 2,492,000	$ 14,320,000	$ 3,601,000	$ 5,745,000	$ 4,095,000	$ 3,826,000
Share-based Payment Arrangement
Number of equity plans						2
Options expire period						0
Share-based Payment Arrangement \| Employees, Non-employee Directors and Consultants
Options expire period						0
Share-based Payment Arrangement \| Maximum
Number of shares authorized (in shares)						9,000,000
Exercise price of options, percentage of fair market value of common stock						100.00%
Share-based Payment Arrangement \| 2014 Equity Incentive Plan
Number of shares authorized (in shares)						15,025,666
Number of additional shares authorized (in shares)							6,797,476
Award vesting period						4 years
Share-based Payment Arrangement \| 2019 Equity Incentive Plan
Number of shares authorized (in shares)						1,500,000
Number of additional shares authorized (in shares)				15,250,000
Percent increase in aggregate shares				5.00%
Share-based Payment Arrangement \| 2019 Equity Incentive Plan \| Maximum
Number of shares authorized (in shares)						7,500,000
Restricted Stock Units (RSUs)
Award vesting period				4 years		4 years
Options expire period						0
Unrecognized compensation costs \| $								$ 19,600,000
RSUs granted				1,120,054				948,119
Weighted-average grant date fair value \| $ / shares				$ 20.07				$ 21.75
RSUs vested				17,500				0
RSUs forfeited or cancelled				9,580				0
Intrinsic value of unvested restricted stock units \| $								$ 0.0
Award vesting rights, percentage				25.00%
Share-based payment arrangement expense \| $				$ 12,200,000
Stock Option
Award vesting period						4 years
Unrecognized compensation costs period for recognition	1 year 6 months 10 days					4 years
Grant date weighted average fair value of options issued, net of forfeitures, \| $ / shares						$ 6.74	$ 5.36	$ 2.13
Stock options granted						353,900
Unrecognized compensation costs \| $	$ 5,500,000	$ 5,500,000		$ 5,500,000				$ 7,600,000
Stock Option \| Maximum
Award vesting period						10 years
Stock Option \| Minimum
Award vesting period						4 years		1 year 7 months 24 days
Employee Stock \| Employee Stock Purchase Plan
Number of shares authorized (in shares)	1,800,000	1,800,000		1,800,000
Percent increase in aggregate shares				1.00%
Purchase price of common stock, percent				85.00%

Stock-Based Compensation - Assumptions Utilized for Stock Options (Detail)	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Expected life (in years from vesting)		6 years 3 months
Expected volatility	40.00%
Expected volatility, minimum		40.00%	42.00%
Expected volatility, maximum		41.00%	44.00%
Expected dividends	0.00%	0.00%	0.00%
Risk-free rate, minimum	1.63%	2.71%	2.07%
Risk-free rate, maximum	2.59%	3.06%	2.27%
Minimum
Expected life (in years from vesting)	6 years 1 month 6 days		6 years 29 days
Maximum
Expected life (in years from vesting)	6 years 3 months		6 years 3 months

Stock-Based Compensation - Schedule of Recognized Stock-based Compensation Expense related to the Option Grants under the Incentive Plans (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Total stock-based compensation expense	$ 13,269	$ 2,492	$ 14,320	$ 3,601	$ 5,745	$ 4,095	$ 3,826
Cost of subscription revenues
Total stock-based compensation expense					1,517	1,487	1,357
Sales and marketing
Total stock-based compensation expense	3,346	315	3,661	607	1,260	1,078	940
Research and development
Total stock-based compensation expense	3,031	305	3,340	611	1,245	1,056	1,070
General and administrative
Total stock-based compensation expense	$ 4,368	$ 1,501	$ 4,468	$ 1,623	$ 1,723	$ 474	$ 459

Stock-Based Compensation - Schedule of Recognized Stock-based Compensation Expense related to the Option Grants under the Incentive Plans (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2019	Jul. 31, 2020	Jan. 31, 2020	Jun. 26, 2019	Jan. 31, 2018	Jan. 31, 2017
Share-based Payment Arrangement [Abstract]
Outstanding stock options	8,206,926	7,464,094	7,837,023	334,840	10,291,959	6,845,834
Stock-based compensation expense	$ 1.2

Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Number of Shares
Beginning balance	7,837,023	8,206,926	10,291,959	6,845,834
Granted (in shares)		353,900	969,762	4,267,151
Expired or forfeited (in shares)	(46,899)	(265,033)	(209,313)	(125,642)
Exercised (in shares)	(326,030)	(458,770)	(2,845,482)	(695,384)
Ending balance	7,464,094	7,837,023	8,206,926	10,291,959
Exercisable	5,542,247	4,832,586
Fully vested or expected to vest	6,717,685	7,053,321
Weighted Average Exercise Price
Beginning balance	$ 5.39	$ 4.74	$ 3.31	$ 1.94
Granted (in USD per share)		17.54	13.50	5.17
Expired or forfeited (in USD per share)	10.87	6.82	9.46	2.93
Exercised (in USD per share)	2.64	2.27	2.20	1.35
Ending balance	5.48	5.39	$ 4.74	$ 3.31
Exercisable	4.07	$ 3.68
Outstanding, Weighted Average Remaining contractual term (Years)
Outstanding, Weighted Average Remaining contractual term (Years)		6 years 6 months 14 days	7 years 4 months 2 days	7 years 9 months 7 days
Fully vested or expected to vest	$ 5.48	$ 5.39
Aggregate Intrinsic Value
Exercised, Aggregate Intrinsic Value		$ 126,245	$ 7,639	$ 2,617
Exercisable, Aggregate Intrinsic Value		86,099
Fully vested or expected to vest, Aggregate Intrinsic Value		$ 113,620
Exercisable, Weighted Average Remaining contractual term (Years)		5 years 10 months 17 days
Fully vested or expected to vest, Weighted Average Remaining contractual term (Years)		6 years 6 months 14 days

Income Taxes - Components of Loss Before Income Tax Expense by Domestic and Foreign Jurisdictions (Detail) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Income Before Taxes	$ (14,521)	$ (9,635)	$ (5,931)	$ (8,300)	$ (3,283)	$ (7,730)	$ (4,912)	$ (5,279)	$ (4,191)	$ (19,156)	$ (11,583)	$ (27,149)	$ (22,112)	$ (18,539)
United States
Income Before Taxes												(20,547)	(17,333)	(18,757)
Foreign
Income Before Taxes												$ (6,602)	$ (4,779)	$ 218

Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Federal												$ 0	$ 0	$ 0
State												21
Foreign												410	194	50
Current tax expense												431	194	50
Federal												76
State												56
Foreign												23
Deferred tax expense										$ 40	$ 76	195	0	0
Total tax expense:	$ 203	$ 90	$ 158	$ 202	$ 136	$ 75	$ 14	$ 45	$ 60	$ 400	$ 338	586	$ 194	$ 50
Previously Reported
Deferred tax expense												$ 155

Income Taxes - Differences Between Income Taxes Expected at the US Federal Statutory Income Tax Rate and the Reported Income Tax Expense (Detail) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Income Tax Disclosure [Abstract]
Income tax benefit at statutory rate of 21% for 2019 and 2020 (2018: 33.8%)												$ (5,701)	$ (4,644)	$ (6,268)
State income tax benefit, net of federal impact												141	(1,331)	(780)
Changes in valuation allowance												3,303	11,627	(3,284)
Impacts of adoption of the new revenue standard												2,389
Nondeductible expenses												231	175	66
Foreign rate differential												108	96	(32)
Stock-based compensation												19	(5,753)	181
Remeasurement of deferred taxes due to Tax Cuts and Jobs Act														9,958
Other												96	24	209
Total tax expense:	$ 203	$ 90	$ 158	$ 202	$ 136	$ 75	$ 14	$ 45	$ 60	$ 400	$ 338	$ 586	$ 194	$ 50
Income tax benefit at statutory rate												21.00%	21.00%	33.80%
State income tax benefit, net of federal impact												(0.50%)	6.00%	4.20%
Changes in valuation allowance												(12.20%)	(52.60%)	17.70%
Impacts of adoption of the new revenue standard												(8.80%)	0.00%	0.00%
Nondeductible expenses												(0.80%)	(0.80%)	(0.40%)
Foreign rate differential												(0.40%)	(0.40%)	0.20%
Stock-based compensation												(0.10%)	26.00%	(1.00%)
Remeasurement of deferred taxes due to Tax Cuts and Jobs Act												(0.00%)	(0.00%)	(53.70%)
Other												(0.40%)	(0.10%)	(1.10%)
Effective income tax rate												(2.20%)	(0.90%)	(0.30%)

Income Taxes - Differences Between Income Taxes Expected at the US Federal Statutory Income Tax Rate and the Reported Income Tax Expense (Parenthetical) (Detail)	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	33.80%

Income Taxes - Significant Components of Company's Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Deferred tax assets:
Net operating losses	$ 35,608	$ 31,765
Equity compensation	1,655	876
Reserves and accrueds	1,156	342
Deferred rent	416	44
Transaction costs	311
Deferred revenue	151
Depreciation	126
Other	238	160
Total deferred tax assets	39,661	33,187
Less valuation allowance	(36,425)	(33,121)
Total deferred tax assets, net of valuation allowances	3,236	66
Deferred tax liabilities:
Contract acquisition costs	(2,568)
Remaining perforamance obligations	(497)
Intangibles	(316)
Other	(49)	(66)
Total deferred tax liabilities	(3,430)	(66)
Net deferred tax liabilities	$ (194)	$ 0

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Income Tax Disclosure [Abstract]
Valuation allowance increase/(decrease)	$ 3,300	$ 11,600	$ (3,300)
Valuation allowance	$ 36,425	$ 33,121
US corporate federal income tax rate	21.00%	21.00%	33.80%
Cumulative undistributed earnings	$ 2,500
Federal loss carryforwards	267,652
Foreign net operating losses	$ 11,700

Income Taxes - Federal Loss Carryforwards That May be Offset Against Future Taxable Income (Detail) $ in Thousands	Jan. 31, 2020 USD ($)
Deferred tax assets, operating loss carryforwards, not subject to expiration	$ 76,710
operating loss carryforwards	267,652
2032 and before
Deferred tax assets, operating loss carryforwards, subject to expiration	40,606
2033
Deferred tax assets, operating loss carryforwards, subject to expiration	7,098
2034
Deferred tax assets, operating loss carryforwards, subject to expiration	18,355
2035
Deferred tax assets, operating loss carryforwards, subject to expiration	20,379
2036
Deferred tax assets, operating loss carryforwards, subject to expiration	9,995
2037
Deferred tax assets, operating loss carryforwards, subject to expiration	51,551
2038
Deferred tax assets, operating loss carryforwards, subject to expiration	25,766
2039
Deferred tax assets, operating loss carryforwards, subject to expiration	13,900
2040
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 3,291

Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Retirement Benefits [Abstract]
Employer contributions	$ 0.9	$ 0.1	$ 0.0

Amount of contribution received by defined benefit plan from employer which increases plan assets.

Commitment and Contingencies - Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands	Jan. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 6,068
2022	4,523
2023	3,815
2024	3,245
2025	1,276
Thereafter	3,798
Total	$ 22,725

Commitment and Contingencies (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Lease expense	$ 2.7	$ 2.1	$ 5.4	$ 3.9	$ 8.7	$ 5.8	$ 3.4
Income tax estimable, including penalties and interest					$ 0.2	$ 0.9

Related-Party Transactions (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Related-Party Transactions (Detail) $ in Thousands	Jul. 31, 2020 USD ($) equityHolder	Jul. 31, 2019 USD ($)	Jul. 31, 2020 USD ($) equityHolder	Jul. 31, 2019 USD ($)	Jan. 31, 2020 USD ($) equityHolder	Jan. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)
Related Party Transaction [Line Items]
Related party, non-cancellable agreement, term (in years)			3 years		3 years
Related party, non-cancellable agreement, renewal term (in years)			2 years		2 years
Deferred revenue, current portion	$ 84,288		$ 84,288		$ 50,929	$ 34,172
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		3 years
Remaining obligation, expected fulfillment period			1 year		1 year
Affiliated Entity
Related Party Transaction [Line Items]
Deferred revenue, current portion	$ 0		$ 0		$ 8,013
Affiliated Entity \| Fund Spending Agreement
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder	1		1		1
Related party agreement, length of agreement (in years)			3 years		3 years
Total amount spent for agreement	$ 0	$ 0	$ 0	$ 20	$ 60	1,700	$ 300
Remaining obligation, amount	200		200		200
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	$ 1,100	800	500
Affiliated Entity \| Transactions With Certain Equity Holders
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder	3		3		3
Revenue from related parties	$ 0	2,100	$ 2,800	4,300	$ 8,400	9,900	8,100
Deferred revenue, current portion	$ 0		$ 0		$ 8,000	6,900
Affiliated Entity \| Banking Relationship
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder	1		1		1
Interest income, related party	$ 0	$ 200	$ 100	$ 400	$ 700	900	$ 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			500		1,100	700
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	$ 2,100

Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Basic loss per share:
Net loss attributable to nCino, Inc.	$ (14,646)	$ (9,644)	$ (6,029)	$ (8,502)	$ (3,419)	$ (19,415)	$ (11,921)	$ (27,594)	$ (22,306)	$ (18,589)
Denominator
Weighted average-common shares outstanding basic (in shares)	84,629,777			76,420,098		83,112,132	76,206,900	78,316,794	74,593,709	68,290,570
Basic loss per share attributable to nCino, Inc. (in USD per share)	$ (0.17)			$ (0.11)		$ (0.23)	$ (0.16)	$ (0.35)	$ (0.30)	$ (0.27)
Dilutive loss per share:
Net loss attributable to nCino, Inc.	$ (14,646)	$ (9,644)	$ (6,029)	$ (8,502)	$ (3,419)	$ (19,415)	$ (11,921)	$ (27,594)	$ (22,306)	$ (18,589)
Denominator
Weighted average-common shares outstanding diluted (in shares)	84,629,777			76,420,098		83,112,132	76,206,900	78,316,794	74,593,709	68,290,570
Diluted loss per share attributable to nCino, Inc. (in USD per share)	$ (0.17)			$ (0.11)		$ (0.23)	$ (0.16)	$ (0.35)	$ (0.30)	$ (0.27)

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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Quarterly Financial Information Disclosure [Abstract]

Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Detail) - shares	6 Months Ended		12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
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	7,837,023	8,206,926	10,291,959
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	948,119

Schedule of Quarterly Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Oct. 31, 2019

Jul. 31, 2019

Apr. 30, 2019

Jan. 31, 2019

Oct. 31, 2018

Jul. 31, 2018

Apr. 30, 2018

Jul. 31, 2020

Jul. 31, 2019

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

Revenues

$ 48,765

$ 38,504

$ 37,862

$ 31,978

$ 29,836

$ 26,177

$ 23,663

$ 22,630

$ 19,064

$ 93,477

$ 61,814

$ 138,180

$ 91,534

$ 58,142

Cost of revenues

22,587

18,373

16,889

14,770

14,038

13,074

12,210

11,048

10,119

41,453

28,808

64,070

46,451

30,471

26,178

20,131

20,973

17,208

15,798

13,103

11,453

11,582

8,945

52,024

33,006

74,110

45,083

27,671

Operating expenses:

15,626

^[1]

13,370

12,602

10,453

^[1]

8,015

9,692

7,844

7,909

5,833

27,852

^[1]

18,468

^[1]

44,440

31,278

20,954

General and administrative

15,292

^[1]

10,132

9,534

8,272

^[1]

7,366

6,871

5,823

4,941

4,595

26,257

^[1]

15,638

^[1]

35,304

22,230

16,559

10,953

^[1]

6,640

5,557

6,430

^[1]

3,909

4,846

2,806

4,217

2,922

17,879

^[1]

10,339

^[1]

22,536

14,791

8,933

Total other income (expense), net

41,871

30,142

27,693

25,155

19,290

21,409

16,473

17,067

13,350

71,988

44,445

102,280

68,299

46,446

Loss from operations

(15,693)

(10,011)

(6,720)

(7,947)

(3,492)

(8,306)

(5,020)

(5,485)

(4,405)

(19,964)

(11,439)

(28,170)

(23,216)

(18,775)

376

789

(353)

209

576

108

206

214

1,021

1,104

Loss before income tax expense

(14,521)

(9,635)

(5,931)

(8,300)

(3,283)

(7,730)

(4,912)

(5,279)

(4,191)

(19,156)

(11,583)

(27,149)

(22,112)

(18,539)

Income tax expense

203

158

202

136

400

338

586

194

Net loss

(14,724)

(9,725)

(6,089)

(8,502)

(3,419)

$ (7,805)

$ (4,926)

$ (5,324)

$ (4,251)

(19,556)

(11,921)

(27,735)

(22,306)

(18,589)

Net loss attributable to non-controlling interest

(232)

(81)

(60)

(408)

(141)