Ncino, Inc. · NASDAQ:NCNO
Ncino — Q4 FY2024 Earnings Presentation
15 slides from Ncino's earnings presentation, Mar 26, 2024
Slide 1: Fourth Quarter Fiscal Year 2024
March 26, 2024 Fourth Quarter Fiscal Year 2024
Slide 2: Forward-looking statements
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 underlying those statements, the benefits from the use of nCino’s solutions, our strategies, and gene
Slide 3: Fourth Quarter FY 2024 Financial Highlights
4Q FY24 Subscription Revenues Fourth Quarter FY 2024 Financial Highlights 4Q FY24 Total Revenues Revenue: $123.7M Growth Rate: 13% Note: Fiscal 2024 Fourth Quarter ended January 31, 2024 Revenue: $107.5M Growth Rate: 16% 4Q FY24 Non-GAAP Operating Margin % Margin %: 16% FCF: $7.7M January 31, 2024 R
Slide 4: Fourth Quarter FY 2024 Financial Results
65% 66% 75% 75% 4Q'23 4Q'24 Fourth Quarter FY 2024 Financial Results Quarterly Revenues ($ in millions) $93 $107 $16 $16 4Q'23 4Q'24 Subscription % of Total 87%85% Overall & Subscription Non-GAAP Gross Margins Overall Subscription Professional Services Subscription Y/Y Growth: 16% Note: Non-GAAP Fin
Slide 5: Revenue Growth at Scale
$225 $345 $409 $49 $64 $67 $274 $4081 $4771 FY 2022 FY 2023 FY 2024 $45 $51 $54 $57 $63 $79 $84 $88 $93 $97 $100 $105 $107 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 Revenue Growth at Scale Annual Revenues ($ in millions) Quarterly Subscription Revenues ($ in milli
Slide 6: Gross Margins
63% 65% 66% 65% 66% FY 2022 FY 2023 FY 2024 4Q 2023 4Q 2024 73% 75% 75% 75% 75% FY 2022 FY 2023 FY 2024 4Q 2023 4Q 2024 Gross Margins Overall Non-GAAP Gross Margin Non-GAAP Subscription Gross Margin Note: Non-GAAP gross margins adjusted to exclude stock-based compensation, amortization, and restruct
Slide 7: Responsibly Investing in Growth
14% 10% $73 $108 $101 $28 $26 FY 2022 FY 2023 FY 2024 4Q 2023 4Q 2024 27% 25% 20% 27% 26% 21% $43 $57 $56 $15 $13 FY 2022 FY 2023 FY 2024 4Q 2023 4Q 2024 26% 21% 24% 19% $73 $102 $94 $26 $24 FY 2022 FY 2023 FY 2024 4Q 2023 4Q 2024 16% 14% 12% Responsibly Investing in Growth Note: Non-GAAP financials
Slide 8: Operating & Cash Flow Margins
Operating & Cash Flow Margins (6%) (1%) 13% 2% 16% FY 2022 FY 2023 FY 2024 4Q 2023 4Q 2024 Non-GAAP Operating Margin Free Cash Flow Margin (9%) (8%) 11% (24%) 6% 4Q 20244Q 2023FY 2024FY 2023FY 2022 Note: Non-GAAP financials adjusted to exclude stock-based compensation, amortization, restructuring ch
Slide 9: Growing Customer Base
Growing Customer Base 394 428 460 1,079 1,135 1,149 428 475 434 1,775 1,858 1,801 FY 2022 FY 2023 FY 2024 nCino Platform nIQ Mortgage (5) (6) (1) Total Customers Customers with Subscription Revenues Over: > $1M > $100K 271 47 FY 2022 Note: (1) Of the 1,079 nIQ customers, 85 were also nCino Platform
Slide 10: Financial Outlook
Financial Outlook nCino Is Providing Guidance For Its First Quarter Ending April 30, 2024 As Follows: nCino Is Providing Guidance For Its Fiscal Year 2025 Ending January 31, 2025 As Follows: TOTAL REVENUES NON-GAAP OPERATING INCOME NON-GAAP NET INCOME ATTRIBUTABLE TO NCINO BETWEEN BETWEEN BETWEEN PE
Slide 11: Appendix
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Slide 12: Land and Expand Model: ACV Expansion by Cohort
FY 2013FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 4.3X 2.0X 1.9X 2.7X 2.1X 1.5X 2.0X 1.4X 1.3X 1.2X 1.0X N/A FY 2023 FY 2024 Land and Expand Model: ACV Expansion by Cohort Total ACV Expansion Note: As of January 31, 2024. In any given period, ACV for a customer represent
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) Subscription Gross Margin FY 2022 FY 2023 FY 2024 4Q'23 4Q'24 Subscription Revenues $224,854 $344,752 $409,479 $92,828 $107,483 GAAP Subscription Gross Profit 160,346 238,487 288,618 65,062 76,103 (+) Amortization 2,604 17,019 16,306 4,252 3,875 (+) S
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) S&M Expense FY 2022 FY 2023 FY 2024 4Q'23 4Q'24 GAAP S&M $82,901 $127,669 $130,547 $33,395 $29,996 (-) Amortization 2,303 11,087 20,590 2,772 2,167 (-) Stock Based Compensation 7,520 13,283 15,417 3,139 4,223 (-) Restructuring Charges -- 1,333 100 1,3
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation ($ in thousands) Non-GAAP Net Income/(Loss) Attributable to nCino FY 2022 FY 2023 FY 2024 4Q'23 4Q'24 GAAP Net Income/(Loss) Attributable to nCino ($49,446) ($102,720) ($42,346) ($21,208) $1,160 (+) Amortization of Acquired Intangibles 4,907 28,200 37,226 7,071 6,125