Page 1

■ incino nCino Reports Fourth Quarter and Fiscal Year 2021 Financial Results March 31 , 2021 Fiscal Year 2021 Total Revenues of $ 204.3M , up 48 % year - over - year ; Q4 Total Revenues of $ 56.6M , up 47 % year - over - year Fiscal Year 2021 Subscription Revenues of $ 162.4M , up 57 % year - over - year ; Q4 Subscription Revenues of $ 45.0M , up 43 % year - over - year WILMINGTON , N.C. , March 31 , 2021 ( GLOBE NEWSWIRE ) -- nCino , Inc. ( NASDAQ : NCNO ) , a pioneer in cloud banking and digital transformation solutions for the global financial services industry , today announced financial results for its fourth quarter and fiscal year ended January 31 , 2021 . " I am extremely pleased with the end to the year as we closed a record amount of business in the quarter while building one of the largest pipelines in the Company's history , with over 50 % of the pipeline reflecting international opportunities , " said Pierre Naudé , CEO of nCino . " We took a record number of retail customers live , closed multiple retail cross - sell opportunities , and increased our subscription revenue retention rate for the year to 155 % . We also added new logos in both the U.S. and international markets , including a continental European deal with one of the largest commercial banks in the Baltics , along with several deals for Automated Spreading and Portfolio Analytics on our nIQ analytics platform . " Naudé continued , “ I am incredibly proud of the hard work , dedication and commitment from the nCino team over the past year to support our growing global customer base , and we are just getting started . Our success in the fourth quarter positions us for another strong year as we help financial institutions around the globe adopt a cloud strategy so they can compete in today's remote , digital - first environment . " Financial Highlights • Revenues : Total revenues for the fourth quarter were $ 56.6 million , a 47 % increase from $ 38.5 million in the fourth quarter of fiscal 2020. Subscription revenues for the fourth quarter were $ 45.0 million , up from $ 31.5 million one year ago , an increase of 43 % . Total revenues for fiscal year 2021 were $ 204.3 million , a 48 % increase from $ 138.2 million in fiscal year 2020. Subscription revenues for fiscal year 2021 were $ 162.4 million , up from $ 103.3 million one year ago , an increase of 57 % . • Loss from Operations : GAAP loss from operations in the fourth quarter was ( $ 13.9 ) million compared to ( $ 10.0 ) million in the same quarter of fiscal 2020. Non - GAAP operating loss in the quarter was ( $ 7.5 ) million compared to ( $ 8.1 ) million in the fourth quarter of fiscal 2020. GAAP loss from operations for fiscal year 2021 was ( $ 42.6 ) million compared to ( $ 28.2 ) million in fiscal year 2020. Non - GAAP operating loss for fiscal year 2021 was ( $ 14.2 ) million compared to ( $ 20.7 ) million last fiscal year . • Net Loss Attributable to nCino : GAAP net loss attributable to nCino in the fourth quarter was ( $ 12.1 ) million compared to ( $ 9.6 ) million in the fourth quarter of fiscal 2020. Non - GAAP net loss attributable to nCino in the fourth quarter was ( $ 5.7 ) million compared to ( $ 7.7 ) million in the fourth quarter of fiscal 2020. GAAP net loss attributable to nCino for fiscal year 2021 was ( $ 40.5 ) million compared to ( $ 27.6 ) million in fiscal year 2020. Non - GAAP net loss attributable to nCino for fiscal year 2021 was ( $ 12.1 ) million compared to ( $ 20.1 ) million last fiscal year . • Net Loss Attributable to nCino per Share : GAAP net loss attributable to nCino in the fourth quarter was ( $ 0.13 ) per share compared to ( $ 0.12 ) per share in the fourth quarter of fiscal 2020. Non - GAAP net loss attributable to nCino in the fourth quarter was ( $ 0.06 ) per share compared to ( $ 0.10 ) per share in the fourth quarter of fiscal 2020. GAAP net loss attributable to nCino for fiscal year 2021 was ( $ 0.46 ) per share compared to ( $ 0.35 ) per share in fiscal year 2020 . Non - GAAP net loss attributable to nCino for fiscal year 2021 was ( $ 0.14 ) per share compared to ( $ 0.26 ) per share last fiscal year . • Cash : Cash and cash equivalents were $ 371.4 million as of January 31 , 2021 . Recent Business Highlights • Customer Expansion : Subscription revenue retention rate for fiscal 2021 increased to 155 % from 147 % in fiscal 2020 . • Increasing Customer Count and Size : Ended fiscal 2021 with over 1,260 customers versus over 1,180 for fiscal 2020 . For fiscal 2021 , 224 customers generated subscription revenues greater than $ 100,000 of which 36 had subscription revenues greater than $ 1 million compared to 161 and 21 customers , respectively , for fiscal 2020 . • Continued Commercial Market Leadership : Added three Farm Credit System deals and renewed and expanded relationships with two regional financial institutions in the U.S. , at $ 15 billion and $ 20 billion in assets , and with two top 10 Canadian financial institutions . • nIQ Customer Wins : Ended the quarter with five customers on Automated Spreading and 28 joint nCino Bank Operating System and Portfolio Analytics customers , including the largest joint customer to - date , an $ 8 billion - asset regional bank .