Ncino, Inc. · NASDAQ:NCNO
Ncino — Q4 FY2022 Earnings Presentation
17 slides from Ncino's earnings presentation, Mar 31, 2022
Slide 1: Fourth Quarter, Fiscal 2022
Fourth Quarter, Fiscal 2022 March 31, 2022
Slide 2: Cautionary Note Regarding Forward-Looking Statements, Disclaimers and Financial Measures
Cautionary Note Regarding Forward-Looking Statements, Disclaimers and Financial Measures This presentation contains forward-looking statements about nCino’s financial and operating results, including statements regarding nCino’s future performance and outlook, the assumptions underlying those statem
Slide 3: nCino at a Glance
nCino at a Glance Leading provider of cloud-based banking software K E Y H I G H L I G H T S Headquarters: Wilmington, NC ~$16B Serviceable Addressable Market (SAM) Employees: >1,650 Customers: >1,750 F I N A N C I A L H I G H L I G H T S BUILT BY BANKERS FOR BANKERS 4Q FY 2022 Total Revenues (inclu
Slide 4: Fourth Quarter FY 2022 Financial Results
60% 62% 71% 73% 4Q'21 4Q'22 Fourth Quarter FY 2022 Financial Results Quarterly Revenues ($ in millions) $45 $63 $12 $12 $57 $75 4Q'21 4Q'22 Subscription % of Total 84%79% Overall & Subscription Non‐GAAP Gross Margins Overall Subscription Professional Services Subscription YoY Growth: 40% Note: 4Q’22
Slide 5: Revenue Growth at Scale
$103 $162 $225 $35 $42 $49 $138 $204 $274 FY2020 FY2021 FY2022 $21 $23 $28 $31 $35 $39 $43 $45 $51 $54 $57 $63 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 Revenue Growth at Scale Annual Revenues ($ in millions) Quarterly Subscription Revenues ($ in millions) Subscription
Slide 6: Gross Margins
Gross Margins Overall Non‐GAAP Gross Margin Non‐GAAP Subscription Gross Margin Note: Non‐GAAP gross margins adjusted to exclude stock‐based compensation and amortization. See Appendix for GAAP reconciliation. 55% 60% 63% 60% 62% FY 2020 FY2021 FY2022 4Q 2021 4Q 2022 71% 72% 73% 71% 73% FY 2020 FY 20
Slide 7: Responsibly Investing in Growth
17% 16%15% 16% 16%28% 29%25% 26% 27% $21 $32 $43 $9 $12 FY 2020 FY 2021 FY 2022 4Q 2021 4Q 2022 $34 $53 $73 $16 $22 FY 2020 FY2021 FY2022 4Q 2021 4Q 2022 31% 25% 27% 28% 29% $42 $52 $73 $16 $22 FY 2020 FY 2021 FY 2022 4Q 2021 4Q 2022 Responsibly Investing in Growth Note: Non‐GAAP financials adjusted
Slide 8: Path to Profitability
Path to Profitability Operating Cash Flow Margin (15%) (7%) (6%) (13%) (11%) FY 2020 FY2021 FY2022 4Q 2021 4Q 2022 Non‐GAAP Operating Margin ($20.7) ($14.2) Non‐GAAP Operating Income ($mm) ($17.6) ($9.0) $9.2Operating Cash Flow ($mm) ($19.2)($7.5) ($8.3) ($11.9) ($21.1) 8Note: Non‐GAAP financials ad
Slide 9: Financial Outlook
Financial Outlook NCINO IS PROVIDING GUIDANCE FOR ITS FIRST QUARTER ENDING APRIL 30, 2022 AS FOLLOWS: NCINO IS PROVIDING GUIDANCE FOR ITS FISCAL YEAR 2023 ENDING JANUARY 31, 2023 AS FOLLOWS: TOTAL REVENUES NON-GAAP OPERATING LOSS NON-GAAP NET LOSS ATTRIBUTABLE TO NCINO BETWEEN BETWEEN BETWEEN PER SH
Slide 10: Growing Customer Base
297 335 394 904 966 1,079 428 1,183 1,268 1,775 FY 2020 FY 2021 FY2022 nCino nIQ SimpleNexus (3) (4) (1) Growing Customer Base Total Customers Bank Operating System Customers with Subscription Revenues Over: > $1M > $100K 161 21 FY 2020 Note: (1) Of the 904 nIQ customers, 18 were also nCino Bank Ope
Slide 11: Land and Expand Model
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 3.6X 1.9X 2.5X 2.3X 1.9X 1.5X 1.8X 1.3X 1.2X NA Total ACV Expansion Land and Expand Model BANK OPERATING SYSTEM ACV EXPANSION BY COHORT 11Note: As of January 31, 2022. In any given period, ACV for a customer represents t
Slide 12: Complementary Seat-Based Revenue Model
12 For example: Recurring Fee based on FI Assets or Transaction Volumes Recurring Fee based on % of Subscription Fees Minimum Recurring Fee based on Users per Month SUBSCRIPTION Incremental Add-on Foundation of Pricing Support and Maintenance Additional Offerings Similar to nCino, SimpleNexus has a
Slide 13: Appendix
alt ncino. APPENDIX 13
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) 14 Subscription Gross Margin FY 2020 FY 2021 FY 2022 4Q'21 4Q'22 Subscription Revenues $103,265 $162,439 $224,854 $44,978 $62,802 GAAP Subscription Gross Profit 72,203 114,470 160,346 31,408 44,301 (+) Amortization 697 1,525 2,604 392 1,427 (+) Stock
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) 15 S&M Expense FY 2020 FY 2021 FY 2022 4Q'21 4Q'22 GAAP S&M $44,440 $59,731 $82,901 $17,704 $24,674 (‐) Amortization 937 1,670 2,303 418 1,050 (‐) Stock Based Compensation 1,260 6,190 7,520 1,372 2,105 Non‐GAAP S&M $42,243 $51,871 $73,078 $15,914 $21,
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) 16 Non‐GAAP Operating Income/(Loss) FY 2020 FY 2021 FY 2022 4Q'21 4Q'22 GAAP Operating Income ($28,170) ($42,608) ($71,357) ($13,856) ($29,991) (+) Amortization of Acquired Intangibles 1,748 3,205 4,907 810 2,477 (+) Stock Based Compensation 5,745 25,
Slide 17: How the Bank Operating System Model Works
How the Bank Operating System Model Works • Phased seat activations: Maintain price integrity Maximize Total Contract Value(1) Definitive seat activation dates $0.0 $0.3 $0.5 $0.8 $1.0 $1.3 Initial ACV Year 1 Year 2 Year 3 Year 4 Year 5 Revenues Recognized by Year 5‐year contract Booking A