Business
nCino Reports First Quarter Fiscal Year 2022 Financial Results
First Quarter Total Revenues of $62.4M, up 39% year-over-year First Quarter Subscription Revenues of $51.0M, up 47% year-over-year WILMINGTON, N.C., June 02,
About this update from Ncino, Inc.
[{"type":"text","content":"First Quarter Total Revenues of $62.4M, up 39% year-over-year First Quarter Subscription Revenues of $51.0M, up 47% year-over-year WILMINGTON, N.C., June 02, 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 first quarter of fiscal year 2022 ended April 30, 2021. “We are very pleased with the strong start to the year, reflecting a solid sales quarter and ending with yet another record pipeline for the Company,” said Pierre Naudé, CEO of nCino. “We saw particular strength internationally, including signing our first German bank, as well as closing a commercial deal with one of Canada's top five banks. In addition to our strong sales momentum, we continued to innovate this quarter by introducing new solutions and product enhancements across the nCino Bank Operating System® as part of our Spring Release. Our emphasis on data, machine learning and analytics in our platform roadmap aligns with financial institutions’ need to differentiate based on insights and personalization. This is just one of the trends driving the digital transformation of financial services, and nCino is excited to be leading this effort around the globe.” Financial Highlights Revenues: Total revenues for the first quarter were $62.4 million, a 39% increase from $44.7 million in the first quarter of fiscal 2021. Subscription revenues for the first quarter were $51.0 million, up from $34.8 million one year ago, an increase of 47%.Loss from Operations: GAAP loss from operations in the first quarter was ($15.5) million compared to ($4.3) million in the same quarter of fiscal 2021. Non-GAAP operating loss in the quarter was ($4.3) million compared to ($2.4) million in the first quarter of fiscal 2021.Net Loss Attributable to nCino: GAAP net loss attributable to nCino in the first quarter was ($15.0) million compared to ($4.8) million in the first quarter of fiscal 2021. Non-GAAP net loss attributable to nCino in the first quarter was ($3.9) million compared to ($2.9) million in the first quarter of fiscal 2021.Net Loss Attributable to nCino per Share: GAAP net loss attributable to nCino in the first quarter was ($0.16) per share compared to ($0.06) per share in the first quarter of fiscal 2021. Non-GAAP net loss at...