0001566895-21-000032 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Jul. 31, 2021	Aug. 27, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	001-39380
Entity Registrant Name	nCino, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4353148
Entity Address, Address Line One	6770 Parker Farm Drive
Entity Address, City or Town	Wilmington
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28405
City Area Code	888
Local Phone Number	676-2466
Title of 12(b) Security	Common stock, par value $0.0005 per share
Trading Symbol	NCNO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		96,195,901
Entity Central Index Key	0001566895
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Current assets
Cash and cash equivalents (VIE: $7,425 and $5,478 at January 31, 2021 and July 31, 2021, respectively)	$ 399,363	$ 371,425
Accounts receivable, less allowance for doubtful accounts of $88 and $59 at January 31, 2021 and July 31, 2021, respectively	51,823	55,517
Costs capitalized to obtain revenue contracts, current portion, net	5,400	4,864
Prepaid expenses and other current assets	8,778	10,425
Total current assets	465,364	442,231
Property and equipment, net	41,111	29,943
Operating lease right-of-use assets, net	11,028	0
Costs capitalized to obtain revenue contracts, noncurrent, net	11,369	10,191
Goodwill	56,740	57,149
Intangible assets, net	21,455	23,137
Other long-term assets	999	750
Total assets	608,066	563,401
Current liabilities
Accounts payable	3,875	1,634
Accounts payable, related parties	5,062	4,363
Accrued commissions	8,503	12,500
Construction liability, current portion	9,755	0
Other accrued expenses	10,864	7,527
Deferred rent, current portion	0	203
Deferred revenue, current portion	116,033	89,141
Financing obligation, current portion	212	324
Operating lease liabilities, current portion	2,685	0
Total current liabilities	156,989	115,692
Operating lease liabilities, noncurrent	9,980	0
Deferred income taxes, noncurrent	586	368
Deferred rent, noncurrent	0	1,486
Deferred revenue, noncurrent	120	946
Financing obligation, noncurrent	15,956	15,939
Construction liability, noncurrent	2,079	0
Total liabilities	185,710	134,431
Commitments and contingencies (Notes 8, 12, and 13)
Redeemable non-controlling interest (Note 3)	2,463	3,791
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, and none issued and outstanding as of January 31, 2021 and July 31, 2021	0	0
Common stock, $0.0005 par value; 500,000,000 shares authorized as of January 31, 2021 and July 31, 2021; 93,643,759 and 95,927,741 shares issued and outstanding as of January 31, 2021 and July 31, 2021, respectively	48	47
Additional paid-in capital	610,166	585,956
Accumulated other comprehensive income (loss)	(259)	240
Accumulated deficit	(190,062)	(161,064)
Total stockholders’ equity	419,893	425,179
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$ 608,066	$ 563,401

Condensed Consolidated Balance Sheets - (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Cash and cash equivalents (VIE: $7,425 and $5,478 at January 31, 2021 and July 31, 2021, respectively)	$ 399,363	$ 371,425
Accounts receivable, less allowance for doubtful accounts of $88 and $59 at January 31, 2021 and July 31, 2021, respectively	$ 59	$ 88
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in USD per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares, issued	95,927,741	93,643,759
Common stock, shares outstanding	95,927,741	93,643,759
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents (VIE: $7,425 and $5,478 at January 31, 2021 and July 31, 2021, respectively)	$ 5,478	$ 7,425

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

3 Months Ended

6 Months Ended

Jul. 31, 2021

Jul. 31, 2020

Jul. 31, 2021

Jul. 31, 2020

Revenues

Total revenues

$ 66,519

$ 48,765

$ 128,874

$ 93,477

Cost of revenues

Total cost of revenues

26,575

22,587

52,874

41,453

Gross profit

39,944

26,178

76,000

52,024

Operating expenses

Sales and marketing

^[1]

19,216

15,626

37,641

27,852

Research and development

^[1]

18,609

15,292

36,034

26,257

General and administrative

^[1]

15,287

10,953

30,967

17,879

Total operating expenses

53,112

41,871

104,642

71,988

Loss from operations

(13,168)

(15,693)

(28,642)

(19,964)

Non-operating income (expense)

Interest income

116

211

Interest Expense

(330)

(598)

Other income (expense), net

(337)

1,117

(70)

597

Loss before income tax expense

(13,776)

(14,521)

(29,194)

(19,156)

Income tax expense

487

203

674

400

Net loss

(14,263)

(14,724)

(29,868)

(19,556)

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

(403)

(232)

(870)

(408)

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

(177)

154

(307)

267

Net loss attributable to nCino, Inc.

$ (13,683)

$ (14,646)

$ (28,691)

$ (19,415)

Net loss per share attributable to nCino, Inc.:

Basic (in USD per share)

$ (0.14)

$ (0.17)

$ (0.30)

$ (0.23)

Diluted (in USD per share)

$ (0.14)

$ (0.17)

$ (0.30)

$ (0.23)

Weighted average number of common shares outstanding:

Basic (in shares)

95,661,756

84,629,777

95,042,448

83,112,132

Diluted (in shares)

95,661,756

84,629,777

95,042,448

83,112,132

License and Service

Revenues

Total revenues

$ 53,934

$ 39,351

$ 104,967

$ 74,182

Cost of revenues

Total cost of revenues

^[1]

15,308

11,920

30,254

22,019

Professional Services

Revenues

Total revenues

12,585

9,414

23,907

19,295

Cost of revenues

Total cost of revenues

^[1]

$ 11,267

$ 10,667

$ 22,620

$ 19,434

[1]

1Includes stock-based compensation expense as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Cost of subscription revenues	$	242	$	257	$	303	$	542
Cost of professional services revenues	2,282		1,340		2,548		2,672
Sales and marketing	3,346		1,977		3,661		3,730
Research and development	3,031		1,686		3,340		3,229
General and administrative	4,368		2,380		4,468		4,531
Total stock-based compensation expense	$	13,269	$	7,640	$	14,320	$	14,704

Condensed Consolidated Statements of Operations - (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Total stock-based compensation expense	$ 7,640	$ 13,269	$ 14,704	$ 14,320
Sales and marketing
Total stock-based compensation expense	1,977	3,346	3,730	3,661
Research and development
Total stock-based compensation expense	1,686	3,031	3,229	3,340
General and administrative
Total stock-based compensation expense	2,380	4,368	4,531	4,468
License and Service
Revenue from related parties	0	0	0	2,439
Related party costs	11,151	8,700	21,720	16,210
License and Service \| Cost of subscription revenues
Total stock-based compensation expense	257	242	542	303
Professional Services \| Cost of subscription revenues
Total stock-based compensation expense	$ 1,340	$ 2,282	$ 2,672	$ 2,548

Condensed Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,263)	$ (14,724)	$ (29,868)	$ (19,556)
Other comprehensive income (loss):
Foreign currency translation	(442)	467	(650)	779
Other comprehensive income (loss)	(442)	467	(650)	779
Comprehensive loss	(14,705)	(14,257)	(30,518)	(18,777)
Less comprehensive loss attributable to redeemable non-controlling interest:
Net loss attributable to redeemable non-controlling interest	(403)	(232)	(870)	(408)
Foreign currency translation attributable to redeemable non-controlling interest	(22)	78	(151)	169
Comprehensive loss attributable to redeemable non-controlling interest	(425)	(154)	(1,021)	(239)
Comprehensive loss attributable to nCino, Inc.	$ (14,280)	$ (14,103)	$ (29,497)	$ (18,538)

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Common Stock Voting Common Stock	Common Stock Nonvoting Common Stock	Additional Paid-in Capital	Other Comprehensive Income (Loss)	Accumulated Deficit
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)		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	0	$ 41	$ (38)	$ (3)
Stock-based compensation	14,320				14,320
Other comprehensive loss	610					610
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	0	$ 41	$ (38)	$ (3)
Stock-based compensation	13,269				13,269
Other comprehensive loss	389					389
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)
Balance, beginning of year (in shares) at Jan. 31, 2021		93,643,759
Balance, beginning of year at Jan. 31, 2021	$ 425,179	$ 47			585,956	240	(161,064)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	1,967,584	1,967,584
Exercise of stock options	$ 9,200	$ 1			9,199
Stock issuance upon vesting of restricted stock units (in shares)		316,398
Stock-based compensation	14,704				14,704
Other comprehensive loss	(499)					(499)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(28,691)				307		(28,998)
Balance, end of year (in shares) at Jul. 31, 2021		95,927,741
Balance, end of year at Jul. 31, 2021	419,893	$ 48			610,166	(259)	(190,062)
Balance, beginning of year (in shares) at Apr. 30, 2021		95,318,070
Balance, beginning of year at Apr. 30, 2021	425,041	$ 48			601,034	161	(176,202)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		316,241
Exercise of stock options	1,315				1,315
Stock issuance upon vesting of restricted stock units (in shares)		293,430
Stock-based compensation	7,640				7,640
Other comprehensive loss	(420)					(420)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(13,683)				177		(13,860)
Balance, end of year (in shares) at Jul. 31, 2021		95,927,741
Balance, end of year at Jul. 31, 2021	$ 419,893	$ 48			$ 610,166	$ (259)	$ (190,062)

Condensed Consolidated Statements of Cash Flows (Statement) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Cash flows from operating activities
Net loss attributable to nCino, Inc.	$ (28,691)	$ (19,415)
Net loss and adjustment attributable to redeemable non-controlling interest	(1,177)	(141)
Net loss	(29,868)	(19,556)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	4,106	3,500
Non-cash operating lease costs	1,224	0
Amortization of costs capitalized to obtain revenue contracts	2,712	2,430
Stock-based compensation	14,704	14,320
Deferred income taxes	221	40
Provision for (recovery of) bad debt	(5)	619
Net foreign currency (gains) losses	(245)	0
Change in operating assets and liabilities:
Accounts receivable	3,787	3,365
Accounts receivable, related parties	0	9,201
Costs capitalized to obtain revenue contracts	(4,416)	(3,615)
Prepaid expenses and other assets	1,715	(13)
Accounts payable and accrued expenses and other liabilities	1,026	(4,115)
Accounts payable, related parties	699	620
Deferred rent	0	(65)
Deferred revenue	26,023	33,188
Deferred revenue, related parties	0	(8,013)
Operating lease liabilities	(1,274)	0
Net cash provided by operating activities	20,899	31,906
Cash flows from investing activities
Purchases of property and equipment	(1,272)	(2,936)
Net cash used in investing activities	(1,272)	(2,936)
Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and commissions	0	268,375
Payments of costs related to initial public offering	0	(1,345)
Exercise of stock options	9,200	861
Principal payments on financing obligation	(95)	0
Net cash provided by financing activities	9,105	267,891
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash	(466)	146
Net increase in cash, cash equivalents, and restricted cash	28,266	297,007
Cash and cash equivalents, beginning of period	371,425	91,184
Cash, cash equivalents, and restricted cash, end of period	399,691	388,191
Cash, cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	399,363	388,191
Restricted cash included in other long-term assets	328	0
Total cash, cash equivalents, and restricted cash, end of period	399,691	388,191
Supplemental disclosure of cash flow information
Cash paid during the year for taxes, net of refunds	117	236
Cash paid during the year for interest	598	0
Supplemental disclosure of noncash investing and financing activities
Purchase of property and equipment, accrued but not paid	12,379	86
Costs related to initial public offering, accrued but not paid	0	1,420
Costs related to initial public offering, reclassified from other long term assets to equity	$ 0	$ 1,769

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business: nCino, Inc. is a software-as-a-service ("SaaS") company that provides software applications to financial institutions to streamline employee and client interactions. The Company is headquartered in Wilmington, North Carolina and has offices in Salt Lake City, Utah; London, United Kingdom; Sydney, Australia; Melbourne, Australia; Toronto, Canada; and Tokyo, Japan. Fiscal Year End: The Company’s fiscal year ends on January 31.

Summary of Significant Accounting Policies

6 Months Ended

Jul. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ("ASC") and applicable rules and regulations of the Securities Exchange Commission ("SEC") regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021 filed with the SEC on March 31, 2021. 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. See the variable interest entity section below and Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" 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 2022 or any future period.

In March 2021, a Certificate of Amendment was filed with the state of Delaware for Visible Equity, LLC ("Visible Equity"), a wholly-owned subsidiary of the Company, to change its name to nCino Portfolio Analytics, LLC. The state of Delaware effected the name change in April 2021.

Effective February 1, 2021, the Company adopted the requirement of Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) using the alternative transition method. Under this method, the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. See the Recently Adopted Accounting Guidance section for the adoption of ASU 2016-02, Leases (Topic 842).

Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity ("VIE"). nCino K.K. is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity 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. See Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest.

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

Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, 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, cash equivalents and restricted cash. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2021 and July 31, 2021. The Company maintains its cash, cash equivalents and restricted cash with high-credit-quality financial institutions.

As of January 31, 2021 and July 31, 2021, no individual customer represented more than 10% of accounts receivable and two customers represented 24% and 12%, respectively. For the three and six months ended July 31, 2020 and 2021, no individual customer represented more than 10% of the Company’s total revenues.

Restricted Cash: Restricted cash consists of deposits held as collateral for the Company's bank guarantees issued in place of security deposits for certain property leases.

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, which includes allowances for doubtful accounts and a reserve for expected credit losses.

The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable, current market and economic conditions, and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. See the Recently Adopted Accounting Guidance section for the adoption of ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments.

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


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Balance, beginning of period	$	167	$	52	$	—	$	88
Charged to (recovery of) bad debt expense	452		7		619		(5)
Charged to (recovery of) deferred revenue	—		—		—		(24)

Translation adjustments	3		—		3		—
Balance, end of period	$	622	$	59	$	622	$	59

Leases: The Company determines if an arrangement is or contains a lease at inception date based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company accounts for lease and non-lease components as a single lease component for its facilities and equipment leases. The Company did not have any finance leases as of July 31, 2021.

Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease term reflects the noncancelable period of the lease together with options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Variable costs, such as common area maintenance costs, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. The Company's leases do not generally provide an implicit rate; therefore, the Company uses its incremental borrowing rate in determining the present value of the lease payments. Lease expense is recognized on a straight-line basis over the lease term.

The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term.

Recently Adopted Accounting Guidance: 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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021.

The Company used the alternative transition method in which the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. The Company elected the package of practical expedients which permits the Company to not reassess prior conclusions pertaining to lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements. In addition, the Company elected ongoing practical expedients including the option to not recognize right-of-use assets and lease liabilities for short term

leases (leases with an original term of twelve months or less). The Company also elected the practical expedient to not separate lease and non-lease components for our facilities and equipment leases.

The adoption of this ASU resulted in the recognition of operating right-of-use assets of $10.5 million and lease liabilities of $12.2 million, and the derecognition of deferred rent on the Company's unaudited condensed consolidated balance sheet on February 1, 2021. The adoption of this ASU did not impact the Company's unaudited condensed consolidated statements of operations, comprehensive loss or the unaudited condensed consolidated statements of cash flows. Upon the adoption of this ASU there was no change to the accounting for the Company's financing obligation.

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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU, which impacted the Company's allowance for doubtful accounts, did not have a material impact on the Company's unaudited condensed 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. 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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The guidance includes amendments to improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to the financial statements is codified in the disclosure section of the codification and to clarify guidance so that entities can apply guidance more consistently on codifications that are varied in nature where the original guidance may have been unclear. ASU 2020-10 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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

Variable Interest Entity and Redeemable Non-Controlling Interest

6 Months Ended

Jul. 31, 2021

Noncontrolling Interest [Abstract]

Variable Interest Entity and Redeemable Non-Controlling Interest

In October 2019, the Company entered into an agreement with Japan Cloud Computing, L.P. and M30 LLC (collectively, the “Investors”) to engage in the investment, organization, management, and operation of nCino K.K. that is focused on the distribution of the Company’s products in Japan. In October 2019, the Company initially contributed $4.7 million in cash in exchange for 51% of the outstanding common stock of nCino K.K. As of July 31, 2021, 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. The estimated redemption value of the call/put option embedded in the redeemable non-controlling interest was $0.1 million at July 31, 2021.

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,
	2020		2021		2020		2021
Balance, beginning of period	$	4,384	$	3,065	$	4,356	$	3,791
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	(232)		(403)		(408)		(870)
Foreign currency translation	78		(22)		169		(151)
Adjustment to redeemable non-controlling interest	154		(177)		267		(307)
Balance, end of period	$	4,384	$	2,463	$	4,384	$	2,463

Fair Value of Financial Instruments

6 Months Ended

Jul. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

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

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

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

The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of January 31, 2021 and July 31, 2021 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, 2021 and July 31, 2021 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2021
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	332,541	$	—	$	—
Total assets	$	332,541	$	—	$	—


	Fair value measurements on a recurring basis as of July 31, 2021
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	355,455	$	—	$	—
Time deposits (included in other long-term assets)	328		—		—
Total assets	$	355,783	$	—	$	—

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.

- Definition

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

+ References + Details

Revenues

6 Months Ended

Jul. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

Revenues by Geographic Area

Revenues by geographic region were as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
United States	$	44,049	$	55,706	$	84,520	$	109,032
International	4,716		10,813		8,957		19,842
	$	48,765	$	66,519	$	93,477	$	128,874

The Company disaggregates its revenues from contracts with customers by geographic location. Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. 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, 2021 and July 31, 2021:


	As of January 31, 2021		As of July 31, 2021
Trade accounts receivable	$	53,272	$	49,771
Unbilled accounts receivable	1,814		1,642
Allowance for doubtful accounts	(88)		(59)
Other accounts receivable	519		469
Total accounts receivable, net	$	55,517	$	51,823

Deferred Revenue and Remaining Performance Obligation

Significant movements in the deferred revenue balance during the period consisted of increases due to payments received or due in advance prior to the transfer of control of the underlying performance obligations to the customer, which were offset by decreases due to revenues recognized in the period. During the six months ended July 31, 2021, $64.2 million of revenues were recognized out of the deferred revenue balance as of January 31, 2021.

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 $706.9 million as of July 31, 2021. The Company expects to recognize approximately 57% of its remaining performance obligation as revenues in the next 24 months, approximately 33% more in the following 25 to 48 months, and the remainder thereafter.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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

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

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

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

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

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

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

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

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

+ Details

Property and Equipment

6 Months Ended

Jul. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:


	As of January 31, 2021		As of July 31, 2021
Furniture and fixtures	$	6,706	$	6,874
Computers and equipment	5,039		5,656
Buildings and land	16,300		16,300
Leasehold improvements	11,581		11,603
Construction in progress	277		12,927
	39,903		53,360
Less accumulated depreciation	(9,960)		(12,249)
	$	29,943	$	41,111

The Company recognized depreciation expense as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Cost of revenues	$	302	$	352	$	589	$	737
Sales and marketing	246		288		513		597
Research and development	300		414		580		846
General and administrative	113		147		226		302
Total depreciation expense	$	961	$	1,201	$	1,908	$	2,482

The increase in construction in progress is primarily due to construction for a parking deck and an additional office building that is on the property of our existing headquarters for which we are considered the owners of for accounting purposes. See Note 12 "Commitments and Contingencies" for additional details including future commitments.

Goodwill and Intangible Assets

6 Months Ended

Jul. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

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


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Balance, beginning of period	$	55,630	$	57,325	$	55,840	$	57,149

Translation adjustments	897		(585)		687		(409)
Balance, end of period	$	56,527	$	56,740	$	56,527	$	56,740

Intangible assets

Intangible assets, net are as follows:


	As of January 31, 2021						As of July 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Acquired developed technology	$	6,320	$	(2,295)	$	4,025	$	6,223	$	(3,041)	$	3,182
Customer relationships	21,721		(2,609)		19,112		21,716		(3,443)		18,273
Trademarks	128		(128)		—		127		(127)		—
	$	28,169	$	(5,032)	$	23,137	$	28,066	$	(6,611)	$	21,455

The Company recognized amortization expense as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Cost of subscription revenues	$	378	$	393	$	747	$	789
Sales and marketing	418		417		835		835
General and administrative	—		—		10		—
Total amortization expense	$	796	$	810	$	1,592	$	1,624

The expected future amortization expense for intangible assets as of July 31, 2021 is as follows:


Fiscal Year Ending January 31,
2022 (remaining)	$	1,613
2023	3,225
2024	2,520
2025	1,670
2026	1,670
Thereafter	10,757
	$	21,455

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.

Reseller Agreement	6 Months Ended
Reseller Agreement	Jul. 31, 2021
Related Party Transactions [Abstract]
Reseller Agreement	Reseller AgreementThe Company has a reseller agreement in place with a related party to utilize their platform and to develop the Company’s cloud-based banking software as an application within the related party’s hosted environment. In June 2020, this agreement was renegotiated and expires in June 2027 and will automatically renew in annual increments thereafter unless either party gives notice of non-renewal before the end of the initial term or the respective renewal term. Cost of subscription revenues in each of the three and six months ended July 31, 2020 and 2021 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 $8.7 million and $11.2 million for the three months ended July 31, 2020 and 2021, respectively, and $16.2 million and $21.7 million for the six months ended July 31, 2020 and 2021, respectively. See also Note 13 "Related-Party Transactions."

Stockholders’ Equity

6 Months Ended

Jul. 31, 2021

Equity [Abstract]

Stockholders’ Equity

At July 31, 2021, the Company committed a total of 25,901,959 shares of common stock for future issuance as follows:


Issued and outstanding stock options			3,465,303
Nonvested issued and outstanding restricted stock units ("RSUs")			2,294,314
Possible issuance under stock plans			20,142,342
			25,901,959

Stock-Based Compensation

6 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Options

Stock option activity for the six months ended July 31, 2021 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding, January 31, 2021	5,467,012	$	6.00
Granted	—	—
Expired or forfeited	(34,125)	10.55
Exercised	(1,967,584)	4.68
Outstanding, July 31, 2021	3,465,303	$	6.70
Exercisable, July 31, 2021	2,907,856	$	5.08
Fully vested or expected to vest, July 31, 2021	3,409,558	$	6.57

As of July 31, 2021, there was $2.2 million of total unrecognized compensation expense related to unvested stock-based compensation arrangements under the 2014 Stock Plan ("2014 Plan") and 2019 Equity Incentive Plan (as amended and restated, "2019 Plan"). That cost is expected to be recognized over a weighted average period of 1.51 years.

Restricted Stock Units

RSU activity during the six months ended July 31, 2021 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2021	1,848,296	$	22.07
Granted	786,865	70.19
Vested	(316,398)	20.06
Forfeited	(24,449)	41.43
Nonvested, July 31, 2021	2,294,314	$	38.64

As of July 31, 2021, total unrecognized compensation expense related to non-vested RSUs was $65.4 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 3.37 years.

Employee Stock Purchase Plan

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

The fair value of ESPP shares is estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards:

Expected life. The expected life reflects the period for which the Company believes the ESPP will remain outstanding. The expected term for the ESPP award approximates the offering period of six months.

Expected volatility. The expected volatility is based on the historical volatility of the Company's common stock.

Expected dividends. The expected dividend yield is zero as the Company has not and does not expect to pay dividends.

Risk-free interest rate. The risk-free interest rate reflects the U.S. Treasury yield for a similar expected life instrument in effect at the time of the grant of the ESPP share.

The assumptions utilized for the ESPP shares for the six months ended July 31, 2021 were as follows:


			Six Months Ended July 31,
			2021
Expected life (in years)			0.5
Expected volatility			48.70%
Expected dividends			0.00%
Risk-free interest rate			0.05%

As of July 31, 2021, total unrecognized compensation expense related to the ESPP was $0.7 million. That cost is expected to be recognized over the remaining term of the initial offering period.

Leases

6 Months Ended

Jul. 31, 2021

Leases [Abstract]

Leases

Operating Leases

The Company leases its facilities and a portion of its equipment under various non-cancellable agreements, which expire at various times through July 2028, some of which include options to extend the leases for up to five years.

The components of lease expense for the three and six months ended July 31, 2021 were as follows:


	Three Months Ended July 31, 2021		Six Months Ended July 31, 2021
Operating lease expense	$	739	$	1,421
Short-term lease expense	199		393
Variable lease expense	66		147
Total	$	1,004	$	1,961

Supplemental cash flow information for the six months ended July 31, 2021 related to operating leases was as follows:


Cash paid for amounts included in the measurement of operating lease liabilities	$	1,435
Right-of-use assets obtained in exchange for operating lease liabilities	1,771

The weighted-average remaining lease term and weighted-average discount rate for the Company's operating lease liabilities as of July 31, 2021 were 5.11 years and 4.4%, respectively.

Future minimum lease payments as of July 31, 2021 were as follows:


Fiscal Year Ending January 31,	Operating Leases
2022 (remaining)	$	3,043
2023	3,029
2024	2,147
2025	1,893
2026	1,691
Thereafter	1,950
Total lease liabilities	13,753
Less: imputed interest	(1,088)
Total lease obligations	12,665
Less: current obligations	(2,685)
Long-term lease obligations	$	9,980

Future minimum lease payments as of January 31, 2021, prior to our adoption of the new lease ASU, were as follows:


Fiscal Year Ending January 31,	Operating Leases
2022	$	2,445
2023	1,937
2024	1,942
2025	1,630
2026	1,679
Thereafter	2,544
Total lease liabilities	$	12,177

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jul. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In addition to the operating lease commitments described in Note 11 "Leases", the Company has additional contractual commitments as described further below. Purchase Commitments The Company’s purchase commitments consist of non-cancellable agreements to purchase goods and services, primarily licenses, entered into in the ordinary course of business. In May 2021, the Company entered into an agreement for approximately $2.6 million for renovations to our existing headquarters building that is anticipated to be completed in fiscal 2023. Financing Obligation and Construction Liabilities The Company entered into a new lease agreement for our headquarters in November 2020 with a new lessor. The lease goes through 2035 with options to renew. Due to a purchase option contained in the lease, the Company is deemed to have continuing involvement and is considered to be the owner of our headquarters for accounting purposes. As a result, the Company did not meet the criteria to apply sale-leaseback accounting and therefore, recorded an asset and corresponding financing obligation for $16.3 million at inception of the lease. Upon expiration of the purchase option in the lease, the lease will be analyzed for applicable lease accounting. The fair value of the leased property and corresponding financing obligation are included in property and equipment, net and financing obligation on the unaudited condensed consolidated balance sheets, respectively. In January 2021, the Company entered into an agreement for a parking deck which is an addition to the existing headquarters building. Due to the Company also being deemed to be the owner of the parking deck for accounting purposes, the costs associated with the construction of the parking deck will be capitalized as construction in progress with a corresponding construction liability through construction which is estimated to be approximately $18.0 million. Upon completion of the parking deck, the construction liability will be recorded as a financing obligation. Upon expiration of the purchase option in the lease, the lease will be analyzed for applicable lease accounting. The costs of the construction in progress and corresponding construction liability are included in property and equipment, net and construction liability, current on the unaudited condensed consolidated balance sheets, respectively. In April 2021, the Company entered into a new lease agreement for the construction of an additional office building that is on the property of our existing headquarters. Due to the Company also being deemed to be the owner of the additional building for accounting purposes, the costs associated with the construction of the building will be capitalized as construction in progress with a corresponding construction liability through construction which is estimated to be approximately $24.0 million. Upon completion of the building, the construction liability will be recorded as a financing obligation. Upon expiration of the purchase option in the lease, the lease will be analyzed for applicable lease accounting. The costs of the construction in progress and corresponding construction liability are included in property and equipment, net and construction liability, noncurrent on the unaudited condensed consolidated balance sheets, 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. Legal Proceedings From time to time, the Company may become involved in legal proceedings or be subject to claims including the following: On February 23, 2021, the Company and certain of its officers and other employees were served with grand jury subpoenas wherein the Antitrust Division of the Department of Justice is seeking documents and information in connection with an investigation of the Company’s hiring and wage practices under U.S. federal antitrust laws. The Company has retained outside counsel and is fully cooperating with the authorities. Although there can be no assurance with respect to the outcome of this matter, the Company believes its hiring and wage practices do not violate antitrust laws. On March 12, 2021, a putative class action complaint was filed in the United States District Court for the Eastern District of North Carolina. The sole class representative in the suit is one individual alleging a contract, combination or conspiracy between and among the Company, Live Oak Bancshares, Inc. and Apiture LLC not to solicit or hire each other’s employees in violation of Section 1 of the Sherman Act and N.C. Gen Stat. §§ 75-1 and 75-2. The complaint seeks treble damages and additional remedies, including restitution, disgorgement, reasonable attorneys’ fees, the costs of the suit, and pre-judgment and post judgment interest. The complaint does not allege any specific damages. Although there can be no assurance with respect to the outcome of this matter, the Company believes the alleged claims are not meritorious and intends to defend itself vigorously. The Company does not presently believe the above matters will have a material adverse effect on its day-to-day operations or the quality of the services, products or innovation it continues to provide to its customers. However, regardless of the outcome, legal proceedings can have an adverse impact on us because of the related expenses, diversion of management resources, and other factors. Given the uncertainty and preliminary stages of these matters, we cannot reasonably estimate any possible loss or range of loss that may result. Other Commitments and Contingencies The Company may be subject to audits by tax authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. The Company accrues for any assessments if deemed probable and estimable.

Related-Party Transactions	6 Months Ended
Related-Party Transactions	Jul. 31, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions The Company’s main vendor is also an equity holder in the Company. Total payments related to the agreement with the related party are disclosed in Note 8. The Company also purchases services from this related party to assist in managing its own sales cycle, customer relationship management, and other business functions. The Company has a non-cancellable agreement with the related party for the purchase of services. In December 2020, this agreement was renewed for one year and expires in December 2021. Total payments to the related party for these services recorded to expenses were $0.3 million and $0.4 million for the three months ended July 31, 2020 and 2021, respectively, and $0.6 million and $0.8 million for the six months ended July 31, 2020 and 2021, respectively, and $1.3 million and $0.6 million were in prepaid expenses and other current assets as of January 31, 2021 and July 31, 2021, respectively. Accounts payable to the related party were $4.4 million and $5.1 million at January 31, 2021 and July 31, 2021, respectively, included in accounts payable, related parties. In the quarter ended July 31, 2020, certain equity holders ceased to qualify as related parties of the Company and the amounts disclosed related to them are accordingly presented through April 30, 2020 only. Included in revenues from three equity holders, who are also customers of the Company, is $0.0 million for the three months ended July 31, 2020 and $2.8 million for the six months ended July 31, 2020. The Company has a banking relationship with one of its former equity holders who was considered a related party. In the quarter ended July 31, 2020, the equity holder ceased to qualify as a related party of the Company and the amounts disclosed related to such former equity holder are accordingly presented as a related party through April 30, 2020 only. Included in interest income is $0.0 million for the three months ended July 31, 2020 and $0.1 million for the six months ended July 31, 2020. The Company entered into 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 April 2019, the agreement was extended for an additional three years. As of July 31, 2021, the Company was in compliance with the terms of the agreement. In the quarter ended July 31, 2020, the equity holder ceased to qualify as a related party of the Company and the amounts disclosed related to such equity holder are accordingly presented as a related party through April 30, 2020 only. No funds were spent under the agreement during the three and six months ended July 31, 2020.

Basic and Diluted Loss per Share

6 Months Ended

Jul. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share

Basic loss per share is computed by dividing net loss attributable to nCino, Inc. by the weighted-average number of common shares outstanding for the fiscal period. Diluted loss per share is computed by giving effect to all potential weighted average dilutive common stock, including stock options issued and outstanding, nonvested RSUs issued and outstanding, and shares issuable pursuant to the ESPP. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. Diluted loss per share for the three months ended July 31, 2020 and 2021 and for the six months ended July 31, 2020 and 2021 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,
	2020		2021		2020		2021
Basic and diluted loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(14,646)	$	(13,683)	$	(19,415)	$	(28,691)
Denominator
Weighted-average common shares outstanding	84,629,777		95,661,756		83,112,132		95,042,448
Basic and diluted loss per share attributable to nCino, Inc.	$	(0.17)	$	(0.14)	$	(0.23)	$	(0.30)

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:


	Six Months Ended July 31,
	2020	2021
Stock options issued and outstanding	7,464,094	3,465,303
Nonvested RSUs issued and outstanding	2,041,093	2,294,314
Shares issuable pursuant to the ESPP	—	7,753

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jul. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification ("ASC") and applicable rules and regulations of the Securities Exchange Commission ("SEC") regarding interim financial reporting. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2021 filed with the SEC on March 31, 2021. 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. See the variable interest entity section below and Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" 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 2022 or any future period. In March 2021, a Certificate of Amendment was filed with the state of Delaware for Visible Equity, LLC ("Visible Equity"), a wholly-owned subsidiary of the Company, to change its name to nCino Portfolio Analytics, LLC. The state of Delaware effected the name change in April 2021. Effective February 1, 2021, the Company adopted the requirement of Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) using the alternative transition method. Under this method, the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. See the Recently Adopted Accounting Guidance section for the adoption of ASU 2016-02, Leases (Topic 842).
Variable Interest Entity	Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity ("VIE"). nCino K.K. is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity 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. See Note 3 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest.
Redeemable Non-Controlling Interest	Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either at the option of the (i) minority investors or (ii) the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the unaudited condensed consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.”
Use of Estimates	Use of Estimates: The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, stand-alone selling price, and other revenue items requiring significant judgement; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; fair value of contingent consideration; the useful lives of intangible assets; the valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates.
Concentration of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company’s cash and cash equivalents exceeded the Federal deposit insurance limit at January 31, 2021 and July 31, 2021. The Company maintains its cash, cash equivalents and restricted cash with high-credit-quality financial institutions.
Restricted Cash	Restricted Cash: Restricted cash consists of deposits held as collateral for the Company's bank guarantees issued in place of security deposits for certain property leases.
Accounts Receivable and Allowances	Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. We recognize a contract asset in the form of accounts receivable when we have an unconditional right to payment, and we record a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for professional services performed but not yet billed and (ii) revenues recognized from non-cancelable, multi-year orders in which fees increase annually but for which we are not contractually able to invoice until a future period. Accounts receivable are reported at their gross outstanding balance reduced by an allowance for estimated receivable losses, which includes allowances for doubtful accounts and a reserve for expected credit losses.
Leases	Leases: The Company determines if an arrangement is or contains a lease at inception date based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company accounts for lease and non-lease components as a single lease component for its facilities and equipment leases. The Company did not have any finance leases as of July 31, 2021. Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease term reflects the noncancelable period of the lease together with options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Variable costs, such as common area maintenance costs, are not included in the measurement of the ROU assets and lease liabilities, but are expensed as incurred. The Company's leases do not generally provide an implicit rate; therefore, the Company uses its incremental borrowing rate in determining the present value of the lease payments. Lease expense is recognized on a straight-line basis over the lease term. The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance: 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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The Company used the alternative transition method in which the Company is not required to restate or disclose the effects of applying this ASU for comparative periods. The Company elected the package of practical expedients which permits the Company to not reassess prior conclusions pertaining to lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements. In addition, the Company elected ongoing practical expedients including the option to not recognize right-of-use assets and lease liabilities for short term leases (leases with an original term of twelve months or less). The Company also elected the practical expedient to not separate lease and non-lease components for our facilities and equipment leases. The adoption of this ASU resulted in the recognition of operating right-of-use assets of $10.5 million and lease liabilities of $12.2 million, and the derecognition of deferred rent on the Company's unaudited condensed consolidated balance sheet on February 1, 2021. The adoption of this ASU did not impact the Company's unaudited condensed consolidated statements of operations, comprehensive loss or the unaudited condensed consolidated statements of cash flows. Upon the adoption of this ASU there was no change to the accounting for the Company's financing obligation. 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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU, which impacted the Company's allowance for doubtful accounts, did not have a material impact on the Company's unaudited condensed 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. 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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The guidance includes amendments to improve the codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to the financial statements is codified in the disclosure section of the codification and to clarify guidance so that entities can apply guidance more consistently on codifications that are varied in nature where the original guidance may have been unclear. ASU 2020-10 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 Form 10-K for the fiscal year ended January 31, 2022. Since the Company will cease to qualify as an emerging growth company as of January 31, 2022, the Company adopted this ASU effective February 1, 2021. The adoption of this ASU did not have a material impact on the Company’s unaudited condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jul. 31, 2021

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,
	2020		2021		2020		2021
Balance, beginning of period	$	167	$	52	$	—	$	88
Charged to (recovery of) bad debt expense	452		7		619		(5)
Charged to (recovery of) deferred revenue	—		—		—		(24)

Translation adjustments	3		—		3		—
Balance, end of period	$	622	$	59	$	622	$	59

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

6 Months Ended

Jul. 31, 2021

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,
	2020		2021		2020		2021
Balance, beginning of period	$	4,384	$	3,065	$	4,356	$	3,791
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	(232)		(403)		(408)		(870)
Foreign currency translation	78		(22)		169		(151)
Adjustment to redeemable non-controlling interest	154		(177)		267		(307)
Balance, end of period	$	4,384	$	2,463	$	4,384	$	2,463

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 31, 2021

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, 2021 and July 31, 2021 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2021
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	332,541	$	—	$	—
Total assets	$	332,541	$	—	$	—


	Fair value measurements on a recurring basis as of July 31, 2021
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	355,455	$	—	$	—
Time deposits (included in other long-term assets)	328		—		—
Total assets	$	355,783	$	—	$	—

Revenues (Tables)

6 Months Ended

Jul. 31, 2021

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,
	2020		2021		2020		2021
United States	$	44,049	$	55,706	$	84,520	$	109,032
International	4,716		10,813		8,957		19,842
	$	48,765	$	66,519	$	93,477	$	128,874

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2021 and July 31, 2021:


	As of January 31, 2021		As of July 31, 2021
Trade accounts receivable	$	53,272	$	49,771
Unbilled accounts receivable	1,814		1,642
Allowance for doubtful accounts	(88)		(59)
Other accounts receivable	519		469
Total accounts receivable, net	$	55,517	$	51,823

Property and Equipment (Tables)

6 Months Ended

Jul. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment, net consisted of the following:


	As of January 31, 2021		As of July 31, 2021
Furniture and fixtures	$	6,706	$	6,874
Computers and equipment	5,039		5,656
Buildings and land	16,300		16,300
Leasehold improvements	11,581		11,603
Construction in progress	277		12,927
	39,903		53,360
Less accumulated depreciation	(9,960)		(12,249)
	$	29,943	$	41,111

The Company recognized depreciation expense as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Cost of revenues	$	302	$	352	$	589	$	737
Sales and marketing	246		288		513		597
Research and development	300		414		580		846
General and administrative	113		147		226		302
Total depreciation expense	$	961	$	1,201	$	1,908	$	2,482

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jul. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Balance, beginning of period	$	55,630	$	57,325	$	55,840	$	57,149

Translation adjustments	897		(585)		687		(409)
Balance, end of period	$	56,527	$	56,740	$	56,527	$	56,740

Schedule of Finite-Lived Intangible Assets

Intangible assets, net are as follows:


	As of January 31, 2021						As of July 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Acquired developed technology	$	6,320	$	(2,295)	$	4,025	$	6,223	$	(3,041)	$	3,182
Customer relationships	21,721		(2,609)		19,112		21,716		(3,443)		18,273
Trademarks	128		(128)		—		127		(127)		—
	$	28,169	$	(5,032)	$	23,137	$	28,066	$	(6,611)	$	21,455

Finite-lived Intangible Assets Amortization Expense

The Company recognized amortization expense as follows:


	Three Months Ended July 31,				Six Months Ended July 31,
	2020		2021		2020		2021
Cost of subscription revenues	$	378	$	393	$	747	$	789
Sales and marketing	418		417		835		835
General and administrative	—		—		10		—
Total amortization expense	$	796	$	810	$	1,592	$	1,624

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization expense for intangible assets as of July 31, 2021 is as follows:


Fiscal Year Ending January 31,
2022 (remaining)	$	1,613
2023	3,225
2024	2,520
2025	1,670
2026	1,670
Thereafter	10,757
	$	21,455

Stockholders’ Equity (Tables)

6 Months Ended

Jul. 31, 2021

Equity [Abstract]

Schedule of Stock by Class

At July 31, 2021, the Company committed a total of 25,901,959 shares of common stock for future issuance as follows:


Issued and outstanding stock options			3,465,303
Nonvested issued and outstanding restricted stock units ("RSUs")			2,294,314
Possible issuance under stock plans			20,142,342
			25,901,959

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
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+ Details

Stock-Based Compensation (Tables)

6 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Option Activity

Stock option activity for the six months ended July 31, 2021 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding, January 31, 2021	5,467,012	$	6.00
Granted	—	—
Expired or forfeited	(34,125)	10.55
Exercised	(1,967,584)	4.68
Outstanding, July 31, 2021	3,465,303	$	6.70
Exercisable, July 31, 2021	2,907,856	$	5.08
Fully vested or expected to vest, July 31, 2021	3,409,558	$	6.57

Schedule of Nonvested Restricted Stock Units Activity

RSU activity during the six months ended July 31, 2021 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2021	1,848,296	$	22.07
Granted	786,865	70.19
Vested	(316,398)	20.06
Forfeited	(24,449)	41.43
Nonvested, July 31, 2021	2,294,314	$	38.64

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions utilized for the ESPP shares for the six months ended July 31, 2021 were as follows:


			Six Months Ended July 31,
			2021
Expected life (in years)			0.5
Expected volatility			48.70%
Expected dividends			0.00%
Risk-free interest rate			0.05%

Leases (Tables)

6 Months Ended

Jul. 31, 2021

Leases [Abstract]

Lease, Cost

The components of lease expense for the three and six months ended July 31, 2021 were as follows:


	Three Months Ended July 31, 2021		Six Months Ended July 31, 2021
Operating lease expense	$	739	$	1,421
Short-term lease expense	199		393
Variable lease expense	66		147
Total	$	1,004	$	1,961

Supplemental cash flow information for the six months ended July 31, 2021 related to operating leases was as follows:


Cash paid for amounts included in the measurement of operating lease liabilities	$	1,435
Right-of-use assets obtained in exchange for operating lease liabilities	1,771

Lessee, Operating Lease, Liability, Maturity

Future minimum lease payments as of July 31, 2021 were as follows:


Fiscal Year Ending January 31,	Operating Leases
2022 (remaining)	$	3,043
2023	3,029
2024	2,147
2025	1,893
2026	1,691
Thereafter	1,950
Total lease liabilities	13,753
Less: imputed interest	(1,088)
Total lease obligations	12,665
Less: current obligations	(2,685)
Long-term lease obligations	$	9,980

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments as of January 31, 2021, prior to our adoption of the new lease ASU, were as follows:


Fiscal Year Ending January 31,	Operating Leases
2022	$	2,445
2023	1,937
2024	1,942
2025	1,630
2026	1,679
Thereafter	2,544
Total lease liabilities	$	12,177

Basic and Diluted Loss per Share (Tables)

6 Months Ended

Jul. 31, 2021

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,
	2020		2021		2020		2021
Basic and diluted loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(14,646)	$	(13,683)	$	(19,415)	$	(28,691)
Denominator
Weighted-average common shares outstanding	84,629,777		95,661,756		83,112,132		95,042,448
Basic and diluted loss per share attributable to nCino, Inc.	$	(0.17)	$	(0.14)	$	(0.23)	$	(0.30)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Six Months Ended July 31,
	2020	2021
Stock options issued and outstanding	7,464,094	3,465,303
Nonvested RSUs issued and outstanding	2,041,093	2,294,314
Shares issuable pursuant to the ESPP	—	7,753

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020	Jan. 31, 2021	Feb. 01, 2021
Concentration Risk [Line Items]
Operating lease right-of-use assets, net	$ 11,028		$ 11,028		$ 0
Operating lease, liability	$ 12,665		$ 12,665
Cumulative Effect, Period of Adoption, Adjustment
Concentration Risk [Line Items]
Operating lease right-of-use assets, net						$ 10,500
Operating lease, liability						$ 12,200
Accounts Receivable \| Customer Concentration Risk \| No Customer
Concentration Risk [Line Items]
Concentration risk, percentage					10.00%
Accounts Receivable \| Customer Concentration Risk \| Equity Holder
Concentration Risk [Line Items]
Concentration risk, percentage			24.00%
Accounts Receivable \| Customer Concentration Risk \| Equity Holder Two
Concentration Risk [Line Items]
Concentration risk, percentage			12.00%
Revenue Benchmark \| Customer Concentration Risk \| No Customer
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%

Summary of Significant Accounting Policies - Summary of Uncollectible Accounts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 52	$ 167	$ 88	$ 0
Charged to (recovery of) bad debt expense	7	452	(5)	619
Charged to (recovery of) deferred revenue	0	0	(24)	0
Translation adjustments	0	3	0	3
Balance, end of period	$ 59	$ 622	$ 59	$ 622

Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Details) - nCino K.K - USD ($) $ in Millions	Oct. 31, 2019	Jul. 31, 2021
Schedule of Equity Method Investments [Line Items]
Payments to noncontrolling interests	$ 4.7
Estimated redeemable noncontrolling interest redemption value		$ 0.1
nCino K.K
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent	0.51%

Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	$ 3,065	$ 4,384	$ 3,791	$ 4,356
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	(403)	(232)	(870)	(408)
Foreign currency translation	(22)	78	(151)	169
Adjustment to redeemable non-controlling interest	(177)	154	(307)	267
Balance, end of period	$ 2,463	$ 4,384	$ 2,463	$ 4,384

- Definition

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

+ References + Details

Fair Value of Financial Instruments - Summary of Financial Assets (Details) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Level 1
Assets:
Time deposits (included in other long-term assets)	$ 328
Total assets	355,783	$ 332,541
Level 1 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	355,455	332,541
Level 2
Assets:
Time deposits (included in other long-term assets)	0
Total assets	0	0
Level 2 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	0	0
Level 3
Assets:
Time deposits (included in other long-term assets)	0
Total assets	0	0
Level 3 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	$ 0	$ 0

Revenues - Revenue By Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 66,519	$ 48,765	$ 128,874	$ 93,477
United States
Disaggregation of Revenue [Line Items]
Total revenues	55,706	44,049	109,032	84,520
International
Disaggregation of Revenue [Line Items]
Total revenues	$ 10,813	$ 4,716	$ 19,842	$ 8,957

- Definition

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

+ References

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

Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Revenue from Contract with Customer [Abstract]
Trade accounts receivable	$ 49,771	$ 53,272
Unbilled accounts receivable	1,642	1,814
Allowance for doubtful accounts	(59)	(88)
Other accounts receivable	469	519
Total accounts receivable, net	$ 51,823	$ 55,517

Revenues - Narrative (Details) $ in Millions	6 Months Ended
Revenues - Narrative (Details) $ in Millions	Jul. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Contract with customer, liability, revenue recognized	$ 64.2
Remaining performance obligation amount	$ 706.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	57.00%
Remaining performance obligation, expected timing of satisfaction	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	33.00%
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	25 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-08-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	48 months

Property and Equipment - Property and Equipment, net (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant, and equipment and finance lease right-of-use asset, before accumulated depreciation and amortization	$ 53,360	$ 39,903
Less accumulated depreciation	(12,249)	(9,960)
Property and equipment, net	41,111	29,943
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,874	6,706
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,656	5,039
Buildings and land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,300	16,300
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,603	11,581
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,927	$ 277

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Property, Plant and Equipment [Line Items]
Cost of revenues	$ 352	$ 302	$ 737	$ 589
Total depreciation expense	1,201	961	2,482	1,908
Sales and marketing
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	288	246	597	513
Research and development
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	414	300	846	580
General and administrative
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	$ 147	$ 113	$ 302	$ 226

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Goodwill [Roll Forward]
Balance, beginning of period	$ 57,325	$ 55,630	$ 57,149	$ 55,840
Translation adjustments	(585)	897	(409)	687
Balance, end of period	$ 56,740	$ 56,527	$ 56,740	$ 56,527

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 28,066	$ 28,169
Accumulated Amortization	(6,611)	(5,032)
Net Carrying Amount	21,455	23,137
Acquired developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	6,223	6,320
Accumulated Amortization	(3,041)	(2,295)
Net Carrying Amount	3,182	4,025
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	21,716	21,721
Accumulated Amortization	(3,443)	(2,609)
Net Carrying Amount	18,273	19,112
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	127	128
Accumulated Amortization	(127)	(128)
Net Carrying Amount	$ 0	$ 0

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 810	$ 796	$ 1,624	$ 1,592
Cost of subscription revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	393	378	789	747
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	417	418	835	835
General and administrative
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 0	$ 0	$ 0	$ 10

Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2022 (remaining)	$ 1,613
2023	3,225
2024	2,520
2025	1,670
2026	1,670
Thereafter	10,757
Net Carrying Amount	$ 21,455	$ 23,137

Reseller Agreement - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Affiliated Entity \| Reseller Agreement
Related Party Transaction [Line Items]
Related party costs	$ 11.2	$ 8.7	$ 21.7	$ 16.2

Stockholders’ Equity - Common Stock Future Issuance (Details) - shares	Jul. 31, 2021	Jan. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for future issuance (in shares)	25,901,959
Issued and outstanding stock options	3,465,303	5,467,012
Possible issuance under stock plans	20,142,342
Common Stock reserved for future issuance	25,901,959
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued and outstanding stock options	3,465,303
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested issued and outstanding restricted stock units ("RSUs")	2,294,314
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock reserved for future issuance (in shares)	25,901,959
Common Stock reserved for future issuance	25,901,959

Stock-Based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jul. 31, 2021
Number of Shares
Outstanding, beginning of period (in shares)	5,467,012
Granted (in shares)	0
Expired or forfeited (in shares)	(34,125)
Exercised (in shares)	(1,967,584)
Outstanding, end of period (in shares)	3,465,303
Exercisable, end of period (in shares)	2,907,856
Fully vested or expected to vest, end of period (in shares)	3,409,558
Weighted Average Exercise Price
Outstanding, beginning of period (in USD per share)	$ 6.00
Granted (in USD per share)	0
Expired or forfeited (in USD per share)	10.55
Exercised (in USD per share)	4.68
Outstanding, end of period (in USD per share)	6.70
Exercisable, end of period (in USD per share)	5.08
Fully vested or expected to vest, end of period (in USD per share)	$ 6.57

Stock-Based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Jul. 31, 2021 USD ($)
Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 2.2
Unrecognized compensation costs period for recognition	1 year 6 months 3 days
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 65.4
Unrecognized compensation costs period for recognition	3 years 4 months 13 days
Employee Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs	$ 0.7

Stock-Based Compensation - RSUs Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jul. 31, 2021 $ / shares shares
Number of Shares
Nonvested, beginning of period (in shares) \| shares	1,848,296
Granted (in shares) \| shares	786,865
Vested (in shares) \| shares	(316,398)
Forfeited (in shares) \| shares	(24,449)
Nonvested, end of period (in shares) \| shares	2,294,314
Weighted Average Grant Date Fair Value
Nonvested, beginning of period (in USD per share) \| $ / shares	$ 22.07
Granted (in USD per share) \| $ / shares	70.19
Vested (in USD per share) \| $ / shares	20.06
Forfeited (in USD per share) \| $ / shares	41.43
Nonvested, end of period (in USD per share) \| $ / shares	$ 38.64

Stock-Based Compensation - ESPP Assumptions (Details) - Employee Stock	6 Months Ended
	Jul. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	6 months
Expected volatility	48.70%
Expected dividends	0.00%
Risk-free interest rate	0.05%

Leases - Narrative (Details)	Jul. 31, 2021
Leases [Abstract]
Term of contract	5 years
Operating lease, weighted average remaining lease term	5 years 1 month 9 days
Operating lease, weighted average discount rate, percent	4.40%

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021
Leases [Abstract]
Operating lease expense	$ 739	$ 1,421
Short-term lease expense	199	393
Variable lease expense	66	147
Total	$ 1,004	$ 1,961

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2021 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,435
Right-of-use assets obtained in exchange for operating lease liabilities	$ 1,771

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Leases [Abstract]
2022 (remaining)	$ 3,043
2023	3,029
2024	2,147
2025	1,893
2026	1,691
Thereafter	1,950
Total lease liabilities	13,753
Less: imputed interest	(1,088)
Total lease obligations	12,665
Operating lease liabilities, current portion	(2,685)	$ 0
Operating lease liabilities, noncurrent	$ 9,980	$ 0

Leases - Future Minimum Lease Payments Prior to Adoption of 842 (Details) $ in Thousands	Jan. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 2,445
2023	1,937
2024	1,942
2025	1,630
2026	1,679
Thereafter	2,544
Total lease liabilities	$ 12,177

Commitment and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2021	Jul. 31, 2021	Jan. 31, 2021	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Long-term purchase commitment, amount	$ 2.6
Capital leased assets, gross				$ 16.3
Capital lease obligations				$ 16.3
Construction in progress, gross		$ 24.0	$ 18.0
Construction payable, estimated liability		$ 24.0	$ 18.0

Related-Party Transactions (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Related-Party Transactions (Details)	Jul. 31, 2021 USD ($) equityHolder	Jul. 31, 2020 USD ($) equityHolder	Jul. 31, 2021 USD ($) equityHolder	Jul. 31, 2020 USD ($) equityHolder	Jan. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Related party, non-cancellable agreement, renewal term	1 year
Fund Spending Agreement
Related Party Transaction [Line Items]
Related party transaction, term of agreement (in years)			3 years
Affiliated Entity \| Agreement For Purchase Of Service
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 400,000	$ 300,000	$ 800,000	$ 600,000
Affiliated Entity \| Transactions With Certain Equity Holders
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder		3		3
Revenue from related parties		$ 0.0		$ 2,800,000
Affiliated Entity \| Banking Relationship
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder		1		1
Interest income, related party		$ 0.0		$ 100,000
Affiliated Entity \| Fund Spending Agreement
Related Party Transaction [Line Items]
Number of affiliated entities \| equityHolder	1		1
Related party agreement, length of agreement (in years)			3 years
Total amount spent for agreement		$ 0		$ 0
Prepaid Expenses and Other Current Assets \| Affiliated Entity \| Agreement For Purchase Of Service
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 600,000		$ 1,300,000
Accounts Payable \| Affiliated Entity \| Agreement For Purchase Of Service
Related Party Transaction [Line Items]
Due to related parties, current	$ 5,100,000		$ 5,100,000		$ 4,400,000

Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Numerator
Net loss attributable to nCino, Inc.	$ (13,683)	$ (14,646)	$ (28,691)	$ (19,415)
Denominator
Weighted-average common shares outstanding, basic	95,661,756	84,629,777	95,042,448	83,112,132
Weighted-average common shares outstanding, diluted	95,661,756	84,629,777	95,042,448	83,112,132
Basic loss per share attributable to nCino, Inc. (in USD per share)	$ (0.14)	$ (0.17)	$ (0.30)	$ (0.23)
Diluted loss per share attributable to nCino, Inc. (in USD per share)	$ (0.14)	$ (0.17)	$ (0.30)	$ (0.23)

- Definition

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

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

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Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Details) - shares	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	3,465,303	7,464,094
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	2,294,314	2,041,093
Employee Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	7,753	0