Ncino, Inc. · NASDAQ:NCNO
Ncino — Q4 FY2023 Earnings Presentation
15 slides from Ncino's earnings presentation, Mar 28, 2023
Slide 1: Fourth Quarter, Fiscal 2023
1 ncino. Fourth Quarter, Fiscal 2023 March 28, 2023
Slide 2: Cautionary Note Regarding Forward-Looking Statements, Disclaimers and Financial Measures
Cautionary Note Regarding Forward-Looking Statements, Disclaimers and Financial Measures 1 ncino. This presentation contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino’s future performance, outlook, guidance, the assumptions und
Slide 3: 4Q FY23 and FY2023 Results Highlights
4Q FY23 Subscription Revenues (includes $16M from SimpleNexus) 4Q FY23 Total Revenues (includes $17M from SimpleNexus) Revenue: $109M Growth Rate: 46% FY2023 Total Revenues (includes $65M from SimpleNexus) Revenue: $408M Growth Rate: 49% FY2023 Subscription Revenues (includes $60M from SimpleNexus)
Slide 4: Quarterly Revenues and Gross Margins
Quarterly Revenues ($ in millions) Subscription % of Total 85%84% Overall & Subscription Non-GAAP Gross Margins Overall Subscription Professional Services Subscription Y/Y Growth: 48%
Slide 5: Annual Revenues and Quarterly Subscription Revenues
Annual Revenues ($ in millions) Quarterly Subscription Revenues ($ in millions) Subscription Professional Services Subscription % of Total 80% 82% YoY % Growth 84% 66% 70% 56% 43% 47% 37% 32% 40% 55% 57% 55% 48%
Slide 6: Overall Non-GAAP Gross Margin and Subscription Gross Margin
Overall Non-GAAP Gross Margin Non-GAAP Subscription Gross Margin
Slide 7: Non-GAAP Operating Expenses
($ in millions)($ in millions) ($ in millions) S&M % of revenues R&D % of revenues G&A % of revenues Non-GAAP General & AdministrativeNon-GAAP Sales & Marketing Non-GAAP Research & Development
Slide 8: Operating & Cash Flow Margins
Operating & Cash Flow Margins Incino. Non-GAAP Operating Margin Free Cash Flow Margin | 2% | | [ecm | | / | 2% | | a / (9%) — (1%) / (7%) (6%) i am) i / (24%) / | / (31%) / FY2021 -FY2022. «= FY2023 «= 402022 © 40.2023 FY2021 -FY2022«-FY2023. «= ga2022 © 40.2023 Non-GAAP Operated | fe Free Cash 1"~
Slide 9: Growing Customer Base
Growing Customer Base Customers with Subscription Total Customers Revenues Over: aCino ald SimpleNexus » . a @>$100K @>$1M 1,858 1,775 3} 475 428 1,268 1,079 1,135 394 428 FY 2021 FY 2022 FY 2023 FY 2021 FY 2022 FY 2023 Note: (1) Of the 966 nlQ customers, 33 were also nCino Bank Operating System (BO
Slide 10: Guidance for First Quarter and Fiscal Year 2024
NCINO IS PROVIDING GUIDANCE FOR ITS FIRST QUARTER ENDING APRIL 30, 2023 AS FOLLOWS: NCINO IS PROVIDING GUIDANCE FOR ITS FISCAL YEAR 2024 ENDING JANUARY 31, 2024 AS FOLLOWS: TOTAL REVENUES NON-GAAP OPERATING INCOME NON-GAAP NET INCOME ATTRIBUTABLE TO NCINO BETWEEN BETWEEN BETWEEN PER DILUTED SHARE OF
Slide 11: Appendix
ull ncino. APPENDIX a
Slide 12: FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 4.7X 2.0X 2.4X 2.5X 2.0X 1.5X 1.9X 1.3X 1.2X 1.1X NA FY 2023
Slide 13: Gross Margin Reconciliation
($ in thousands) Subscription Gross Margin FY 2021 FY 2022 FY 2023 4Q'22 4Q'23 Subscription Revenues $162,439 $224,854 $344,752 $62,802 $92,828 GAAP Subscription Gross Profit 114,470 160,346 238,487 44,301 65,062 (+) Amortization 1,525 2,604 17,019 1,427 4,252 (+) Stock Based Compensation 576 960 1,
Slide 14: Operating Expense Reconciliation
($ in thousands) S&M Expense FY 2021 FY 2022 FY 2023 4Q'22 4Q'23 GAAP S&M $59,731 $82,901 $127,669 $24,674 $33,395 (-) Amortization 1,670 2,303 11,087 1,050 2,772 (-) Stock Based Compensation 6,190 7,520 13,283 2,105 3,139 (-) Restructuring charges -- -- 1,333 -- 1,333 Non-GAAP S&M $51,871 $73,078 $
Slide 15: Non-GAAP Net Income Reconciliation
($ in thousands) Non-GAAP Net Income/(Loss) Attributable to nCino FY 2021 FY 2022 FY 2023 4Q'22 4Q'23 GAAP Net Loss Attributable to nCino ($40,536) ($49,446) ($102,720) ($7,119) ($21,208) (+) Amortization of Acquired Intangibles 3,205 4,907 28,200 2,477 7,071 (+) Stock Based Compensation 25,208 28,4