Business
nCino Reports First Quarter Fiscal Year 2024 Financial Results
• Total Revenues of $113.7M, up 21% year-over-year• Subscription Revenues of $97.3M, up 23% year-over-year• Cash from Operating Activities of $31.3M and GAAP
About this update from Ncino, Inc.
[{"type":"text","content":"• Total Revenues of $113.7M, up 21% year-over-year• Subscription Revenues of $97.3M, up 23% year-over-year• Cash from Operating Activities of $31.3M and GAAP Loss from Operations of $(8.6)M• Company Achieves Record Free Cash Flow of $29.7M and Record Non-GAAP Operating Income of $10.9M WILMINGTON, N.C., May 31, 2023 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the first quarter of fiscal year 2024, ended April 30, 2023. “We are pleased to begin the year reporting a strong quarter with record operating income and free cash flow,” said Pierre Naudé, Chairman and Chief Executive Officer of nCino. “I’m incredibly proud of how our teams continue to deliver for our customers around the globe. The record number of attendees earlier this month at our annual user conference, nSight, is a testament to the ongoing demand for nCino’s single end-to-end cloud banking platform and the value of our ecosystem. We remain confident in our future trajectory while navigating current market conditions and believe we are well positioned for long-term profitable growth.” Financial Highlights Revenues: Total revenues for the first quarter of fiscal 2024 were $113.7 million, a 21% increase from $94.2 million in the first quarter of fiscal 2023. Subscription revenues for the first quarter were $97.3 million, up from $79.2 million one year ago, an increase of 23%.Income (Loss) from Operations: GAAP loss from operations in the first quarter of fiscal 2024 was $(8.6) million compared to $(27.2) million in the same quarter of fiscal 2023. Non-GAAP operating income (loss) in the first quarter was $10.9 million compared to $(3.7) million in the first quarter of fiscal 2023.Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the first quarter of fiscal 2024 was $(11.2) million compared to $(30.7) million in the first quarter of fiscal 2023. Non-GAAP net income attributable to nCino in the first quarter was $8.0 million compared to a $(6.1) million net loss in the first quarter of fiscal 2023.Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the first quarter of fiscal 2024 was $(0.10) per basic and diluted share compared to $(0.28) per basic and diluted share in the first quarter of fi...