Business
nCino Reports Second Quarter Fiscal Year 2024 Financial Results
• Total Revenues of $117.2M, up 18% year-over-year • Subscription Revenues of $99.9M, up 18% year-over-year WILMINGTON, N.C., Aug. 29, 2023 (GLOBE NEWSWIRE)
About this update from Ncino, Inc.
[{"type":"text","content":"• Total Revenues of $117.2M, up 18% year-over-year • Subscription Revenues of $99.9M, up 18% year-over-year WILMINGTON, N.C., Aug. 29, 2023 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the second quarter of fiscal year 2024, ended July 31, 2023. “We are very pleased with our second quarter results and in particular, the strong rebound in sales activity we saw across the business,” said Pierre Naudé, Chairman and CEO of nCino. “Our profitability again exceeded expectations even as we continue to strategically invest in expanding our platform and solutions. With the liquidity crisis in the U.S. banking industry largely behind us, and financial institutions around the world focused on improving their operational efficiency and customer experience, we look for the momentum we saw in the second quarter to continue for the balance of the year and beyond.” Financial Highlights Revenues: Total revenues for the second quarter of fiscal 2024 were $117.2 million, an 18% increase from $99.6 million in the second quarter of fiscal 2023. Subscription revenues for the second quarter were $99.9 million, up from $84.4 million one year ago, an increase of 18%.Income (Loss) from Operations: GAAP loss from operations in the second quarter of fiscal 2024 was $(14.8) million compared to $(25.0) million in the same quarter of fiscal 2023. Non-GAAP operating income (loss) in the second quarter was $11.2 million compared to $(2.8) million in the second quarter of fiscal 2023.Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the second quarter of fiscal 2024 was $(15.9) million compared to $(27.2) million in the second quarter of fiscal 2023. Non-GAAP net income attributable to nCino in the second quarter was $9.9 million compared to a $(4.9) million net loss in the second quarter of fiscal 2023.Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the second quarter of fiscal 2024 was $(0.14) per basic and diluted share compared to $(0.25) per basic and diluted share in the second quarter of fiscal 2023. Non-GAAP net income attributable to nCino in the second quarter was $0.09 per diluted share compared to a net loss of $(0.04) per basic and diluted share in the second quarter o...