Ncino, Inc. · NASDAQ:NCNO
Ncino — Q4 FY2021 Earnings Presentation
17 slides from Ncino's earnings presentation, Mar 31, 2021
Slide 1: March 31, 2021
March 31, 2021
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 Founded: Late 2011 Employees: >1,100 >$100K Customers: 224, including 36 > $1M in FY 2021 F I N A N C I A L H I G H L I G H T S Serviceable Addressable Market (SAM) BUILT BY BANK
Slide 4: Underpinned by an Expanding Customer Base
193 238 297 335 904 966 193 238 1,183 1,268 FY 2018 FY 2019 FY 2020 FY 2021 nCino Visible Equity + FinSuite Underpinned by an Expanding Customer Base… Total Customers Customers w/ Subscription Revenues Over $100K & $1M > $1M> $100K 81 9 FY 2018 123 13 FY 2019 161 21 FY 2020 Note: (1) 900 of these cu
Slide 5: A Powerful Land and Expand Model
Total ACV Expansion FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 3.0X 2.0X 2.3X 2.0X 1.8X 1.5X 1.4X 1.2X NA …and a Powerful Land and Expand Model ACV EXPANSION BY COHORT 5Note: In any given period, ACV for a customer represents the annualized subscription fees from the ful
Slide 6: Fourth Quarter FY 2021 Financial Results
54% 60% 72% 71% Q4'20 Q4'21 Fourth Quarter FY 2021 Financial Results Quarterly Revenues ($ in millions) $31 $45 $7 $12 $39 $57 Q4'20 Q4'21 Subscription % of Total 79%82% Non-GAAP Operating Margin (21%) (13%) Q4'20 Q4'21 Overall & Subscription Non-GAAP Gross Margins Overall Subscription Professional
Slide 7: Revenue Growth at Scale
$64 $103 $162 $27 $35 $42 $92 $138 FY2019 FY2020 FY2021 $13 $16 $16 $19 $21 $23 $28 $31 $35 $39 $43 $45 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Revenue Growth at Scale Annual Revenues ($ in millions) Quarterly Subscription Revenues ($ in millions) Subscription Profess
Slide 8: Gross Margins
Gross Margins Overall Non-GAAP Gross Margin Non-GAAP Subscription Gross Margin Note: Non-GAAP Financials adjusted to exclude stock based compensation and amortization. See Appendix for GAAP reconciliation. 51% 55% 60% 54% 60% FY 2019 FY 2020 FY2021 Q4 2020 Q4 2021 69% 71% 72% 72% 71% FY2019 FY2020 F
Slide 9: Responsibly Investing in Growth
$14 $21 $32 $7 $9 FY 2019FY 2020FY 2021Q4 2020Q4 2021 $21 $34 $53 $10 $16 FY 2019 FY 2020 FY2021 Q4 2020 Q4 2021 $30 $42 $52 $13 $16 FY 2019 FY 2020 FY 2021 Q4 2020 Q4 2021 Responsibly Investing in Growth Note: Non-GAAP Financials adjusted to exclude stock-based compensation and amortization. See Ap
Slide 10: Path to Profitability
Path to Profitability Free Cash Flow Margin (14%) (11%) 2% (35%) (22%) FY 2019 FY 2020 FY 2021 Q4 2020 Q4 2021 (21%) (15%) (7%) (21%) (13%) FY 2019 FY 2020 FY2021 Q4 2020 Q4 2021 Non-GAAP Operating Margin ($19.1) ($20.7) Non-GAAP Operating Income ($mm) ($14.2) ($12.6) ($14.8) FCF ($mm) $4.9($8.1) ($
Slide 11: Appendix
APPENDIX 11
Slide 12: Notes on the Financial Presentation
Notes on the Financial Presentation • FY 19 in accordance with ASC 605, FY 20 and FY 21 in accordance with ASC 606 The impact to total revenues is not material • Gross margin, research & development expense, sales & marketing expense, general & administrative expense, Operating Margin and free cas
Slide 13: Subscription Revenues Pricing Model
Subscription Revenues Pricing Model Recurring Fee based on FI Assets or Transaction Volumes Recurring Fee based on % of Subscription Fees Recurring Fee based on per Users per Month Paid Up Front Annually* SUBSCRIPTION INCREMENTAL ADD-ON Foundation of Pricing Support and Maintenance | Sandbox | Shiel
Slide 14: How the Revenue Model Works
How the Revenue Model Works These are generational buying decisions • 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 $1.3 Initial ACV Year 1 Year 2 Year 3 Year 4 Year 5 Revenues Recognized by Year 5
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) 15 Subscription Gross Margin FY19A FY20A FY21A Q4'20 Q4'21 Subscription Revenues $64,458 $103,265 $162,439 $31,450 $44,978 GAAP Subscription Gross Profit 44,463 72,203 114,470 22,216 31,408 (+) Amortization -- 697 1,525 378 392 (+) Stock Based Compens
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) 16 S&M Expense FY19A FY20A FY21A Q4'20 Q4'21 GAAP S&M $31,278 $44,440 $59,731 $13,370 $17,704 (-) Amortization -- 937 1,670 $417 418 (-) Stock Based Compensation 1,078 1,260 6,190 $314 1,372 Non-GAAP S&M $30,200 $42,243 $51,871 $12,639 $15,914 % of Re
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) 17 Non-GAAP Operating Income FY19A FY20A FY21A Q4'20 Q4'21 GAAP Operating Income ($23,216) ($28,170) ($42,608) ($10,011) ($13,856) (+) Amortization of Acquired Intangibles -- 1,748 3,205 845 810 (+) Stock Based Compensation 4,095 5,745 25,208 1,063 5,