0001902733-25-000026 | 10-K | XBRL Viewer

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Stockholders’ Equity - Narrative (Details) - $ / shares	Jan. 31, 2025	Jan. 31, 2024
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in USD per share)	$ 0.0005	$ 0.0005

Restructuring - Restructuring Charges (Details) - USD ($)	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 627,000	$ 4,807,000
Severance and other employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	4,963,000
Stock-based compensation (benefit)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	(210,000)
Lease exit fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges		627,000	54,000
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Restructuring charges		100,000	1,302,000
Sales and marketing \| Severance and other employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	1,324,000
Sales and marketing \| Stock-based compensation (benefit)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	(31,000)
Sales and marketing \| Lease exit fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges		100,000	9,000
Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges		352,000	1,994,000
Research and development \| Severance and other employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	2,105,000
Research and development \| Stock-based compensation (benefit)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	(141,000)
Research and development \| Lease exit fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges		352,000	30,000
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6,000	1,183,000
General and administrative \| Severance and other employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	1,210,000
General and administrative \| Stock-based compensation (benefit)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	(29,000)
General and administrative \| Lease exit fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6,000	2,000
Subscription
Restructuring Cost and Reserve [Line Items]
Restructuring charges		51,000	4,000
Subscription \| Severance and other employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	0
Subscription \| Stock-based compensation (benefit)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	0
Subscription \| Lease exit fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges		51,000	4,000
Professional services and other
Restructuring Cost and Reserve [Line Items]
Restructuring charges		118,000	324,000
Professional services and other \| Severance and other employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	324,000
Professional services and other \| Stock-based compensation (benefit)
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0	(9,000)
Professional services and other \| Lease exit fees
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 118,000	$ 9,000

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Jan. 31, 2025	Mar. 27, 2025	Jul. 31, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 31, 2025
Current Fiscal Year End Date	--01-31
Document Transition Report	false
Entity File Number	001-41211
Entity Registrant Name	nCino, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4154342
Entity Address, Address Line One	6770 Parker Farm Drive
Entity Address, City or Town	Wilmington
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28405
City Area Code	888
Local Phone Number	676-2466
Title of 12(b) Security	Common stock, par value $0.0005 per share
Trading Symbol	NCNO
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2.4
Entity Common Stock, Shares Outstanding		116,449,936
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders (the "Proxy Statement") are incorporated herein by reference in Part II and Part III of this Annual Report on Form 10-K to the extent stated herein. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended January 31, 2025.
Entity Central Index Key	0001902733
Document Fiscal Year Focus	2025
Amendment Flag	false
Document Fiscal Period Focus	FY

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,400	$ 4,489	$ 4,993
Operating right-of-use assets obtained in exchange for operating lease liabilities	3,349	13,152	2,050
Modification to reduce operating right-of-use assets and operating lease liabilities	0	0	842
Operating right-of-use assets and operating lease liabilities disposed of	$ 1,995	$ 115	$ 0

Fair Value Measurements

12 Months Ended

Jan. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2. Significant other inputs that are directly or indirectly observable in the marketplace.

Level 3. Significant unobservable inputs which are supported by little or no market activity.

The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value as of January 31, 2024 and January 31, 2025 because of the relatively short duration of these instruments.

The carrying amount of any outstanding borrowings on the Company's revolving credit facility approximates fair value due to the variable interest rates of the borrowings.

The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2024 and January 31, 2025 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2024
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	38,649	$	—	$	—
Time deposits (included in long-term prepaid expenses and other assets)	359		—		—
Total assets	$	39,008	$	—	$	—


	Fair value measurements on a recurring basis as of January 31, 2025
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	38,841	$	—	$	—
Time deposits (included in long-term prepaid expenses and other assets)	339		—		—
Total assets	$	39,180	$	—	$	—

All of the Company’s money market accounts are classified within Level 1 because the Company’s money market accounts are valued using quoted market prices in active exchange markets including identical assets.

Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

The Company's assets measured at fair value on a non-recurring basis include the investments accounted for under the measurement alternative. Fair value changes were immaterial for the years ended January 31, 2023, 2024 and 2025. There was no impairment recognized for the fiscal years ended January 31, 2023, 2024, and 2025. In March 2025, we recorded a realized gain of $1.2 million from the sale of one of these investments. See Note 16 "Related-Party Transactions" and Note 20 "Subsequent Events" for additional information.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Jan. 31, 2025
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan The Company has a 401(k) plan for its employees in the United States who meet the plan requirements. The Company, at its discretion, may make matching contributions. Employees are immediately vested in their contributions. The Company also has a Registered Retirement Savings Plan covering all eligible employees in Canada. Employer contributions for the fiscal years ended January 31, 2023, 2024, and 2025 were $7.0 million, $3.3 million, and $5.4 million, respectively.

Stockholders’ Equity (Tables)

12 Months Ended

Jan. 31, 2025

Equity [Abstract]

Schedule of Stock by Class

At January 31, 2025, the Company committed a total of 38,688,209 shares of common stock for future issuance as follows:


Issued and outstanding stock options			811,602
Nonvested issued and outstanding restricted stock units ("RSUs")			6,105,459
Possible issuance under stock plans			31,771,148
			38,688,209

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Stock-Based Compensation

12 Months Ended

Jan. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Equity Incentive Plans

The Company has two equity incentive plans: the nCino, Inc. 2014 Omnibus Stock Ownership and Long-Term Incentive Plan (the “2014 Plan”) and the 2019 Amended and Restated Equity Incentive Plan (the “2019 Plan” and together with the 2014 Plan, the “Incentive Plans”). Under the 2014 Plan, the Board of Directors had allotted 15,025,666 shares of common stock for incentive options or non-qualified options as of January 31, 2025. Non-qualified options may be granted to Company employees, non-employee directors, and consultants. The exercise price of options is determined by the Board of Directors, but cannot be less than 100% of the fair market value of the Company’s common stock on the date of the grant. The options generally vest in one of two ways:

•In equal annual installments over four years from the grant date.

•Upon a change in control transaction (with respect to certain Incentive Plan participants).

All options expire ten years from the grant date and, with respect to certain Incentive Plan participants, provide for accelerated vesting if there is a change in control of the Company.

In July 2019, the Company established the 2019 Equity Incentive Plan for the issuance of awards in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards, and other stock-based awards.

In connection with the Company's initial public offering ("IPO"), the Company's Board of Directors adopted and the Company's stockholders approved the 2019 Plan which amended and restated the 2019 Equity Incentive Plan. All awards shall be granted within ten years from the effective date of the 2019 Plan and can only be granted to employees, officers, directors, and consultants and generally vest over four years.

Under the 2019 Plan, the number of available shares was increased to 15,250,000, plus an annual increase added on the first day of each fiscal year, beginning with the fiscal year ending January 31, 2022, and continuing until, and including,

the fiscal year ending January 31, 2031. The annual increase will be equal to the lesser of (i) 5% of the number of shares issued and outstanding as of January 31 of the immediately preceding fiscal year and (ii) an amount determined by the Company's Board of Directors. The Company ceased granting awards under the 2014 Plan during the fiscal year ended January 31, 2020, and all shares that remained available for issuance under the 2014 Plan were transferred to the 2019 Plan prior to the closing of the IPO. Additionally, the number of shares available under the 2019 Plan shall be increased by the number of shares outstanding under the 2014 Plan that expire, terminate or are canceled without having been exercised or settled in full. The 2014 Plan governs outstanding awards granted prior to the adoption of the 2019 Plan.

RSUs vest upon the satisfaction of a time-based condition. RSUs are generally earned over a service period of four years. For RSUs granted to the non-employee members of the Board of Directors, some vest in less than a year, some annually and some over three years. The compensation expense related to these awards is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period.

As of January 31, 2025, the Company had stock options outstanding under the 2014 Plan and the 2019 Plan had stock options and RSUs outstanding.

Stock Options

Stock option activity for the fiscal year ended January 31, 2025 was as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding, January 31, 2024	1,212,704	$	7.14	3.21	$	29,516
Granted	—	—
Expired or forfeited	(1,375)	12.06
Exercised	(399,727)	6.96			10,890
Outstanding, January 31, 2025	811,602	$	7.22	2.27	$	21,742
Exercisable, January 31, 2025	811,602	$	7.22	2.27	$	21,742
Fully vested or expected to vest, January 31, 2025	811,602	$	7.22	2.27	$	21,742

The total intrinsic value of options exercised during the fiscal years ended January 31, 2023, 2024, and 2025 was $16.2 million, $19.0 million, and $10.9 million, respectively. Aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the option exercise price and the estimated fair value of the Company’s common stock at the time such option exercises. This intrinsic value changes based on changes in the fair value of the Company’s underlying stock.

Restricted Stock Units

RSU activity during the fiscal year ended January 31, 2025 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2024	5,626,125	$	33.19
Granted	3,193,433	33.65
Vested	(1,745,202)	34.84
Forfeited	(968,897)	34.75
Nonvested, January 31, 2025	6,105,459	$	32.78

The weighted average grant date fair value for RSUs granted during the fiscal years ended January 31, 2023, 2024, and 2025 was $41.54, $25.65, and $33.65, respectively.

The total fair value of RSUs vested for the fiscal years ended January 31, 2023, 2024, and 2025 was $39.7 million, $48.2 million, and $60.8 million, respectively.

As of January 31, 2025, total unrecognized compensation expense related to non-vested RSUs was $145.7 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 2.73 years.

Employee Stock Purchase Plan

In July 2020, the Board of Directors adopted and stockholders approved the ESPP, which became effective immediately prior to the closing of the IPO. The ESPP includes two components, one component is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code (the "Code") and a component that does not qualify as an "employee stock purchase plan" under Section 423 of the Code. The ESPP initially reserved and authorized the issuance of up to a total of 1,800,000 shares of common stock to participating employees. The aggregate number of shares of the Company's common stock under the ESPP will automatically increase on the first day of each fiscal year, beginning with the first fiscal year ending January 31, 2022 and continuing until the fiscal year ended January 31, 2031, by an amount equal to the lesser of (i) 1% of the shares of the Company's common stock issued and outstanding on January 31 of the immediately preceding fiscal year, (ii) 1,800,000 shares of the Company's common stock or (iii) an amount determined by the Board of Directors. As of January 31, 2025, 5,484,024 shares of common stock remain available for grant under the ESPP.

The ESPP permits employees to purchase the Company's common stock through payroll deductions during six month offerings. The offering periods begin each January 1 and July 1, or such other period determined by the compensation committee. Eligible employees will purchase the shares at a price per share equal to the lesser of (i) 85% of the fair market value of a share of the Company's common stock on the first business day of such offering period and (ii) 85% of the fair market value of share of the Company's common stock on the last business day of such offering period, although the compensation committee has discretion to change the purchase price with respect to future offering periods, subject to terms of the ESPP.

The first offering period for the ESPP began on July 1, 2021 and ended on December 31, 2021. Thereafter, offering periods will begin on January 1 and July 1.

The fair value of ESPP shares is estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards:

Expected life. The expected life reflects the period for which the Company believes the ESPP will remain outstanding. The expected term for the ESPP award approximates the offering period of six months.

Expected volatility. The expected volatility is based on the historical volatility of the Company's common stock.

Expected dividends. The expected dividend yield is zero as the Company has not and does not expect to pay dividends.

Risk-free interest rate. The risk-free interest rate reflects the U.S. Treasury yield for a similar expected life instrument in effect at the time of the grant of the ESPP share.

The assumptions utilized for the ESPP shares for the fiscal years ended January 31, 2023, 2024, and 2025 were as follows:


	Fiscal Year Ended January 31,
	2023	2024	2025
Expected life (in years)	0.50	0.50	0.50
Expected volatility	49.65% - 84.59%	38.70% - 61.86%	38.70% - 40.74%
Expected dividends	0.00%	0.00%	0.00%
Risk-free interest rate	0.22% - 4.77%	4.77% - 5.53%	4.25% - 5.37%

As of January 31, 2025, total unrecognized compensation expense related to the ESPP was $0.7 million. That cost is expected to be recognized over the remaining term of the offering period that began on January 1, 2025 and will end on June 30, 2025.

Stock-Based Compensation Expense

Total stock-based compensation expense included in our consolidated statements of operations were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cost of subscription revenues	$	1,430	$	1,847	$	2,891
Cost of professional services and other revenues	7,263		9,369		11,977
Sales and marketing	13,283		15,417		17,016
Research and development	11,602		15,942		17,416
General and administrative	16,654		15,460		22,292
Total stock-based compensation expense1	$	50,232	$	58,035	$	71,592

1Includes $0.2 million benefit incurred for the fiscal year ended January 31, 2023 in connection with the restructuring plan commenced in January 2023. See Note 18 "Restructuring" for more information.

Business Combinations (Tables)

12 Months Ended

Jan. 31, 2025

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the DocFox Acquisition Date, including measurement period adjustments:


	Fair Value
Cash and cash equivalents	$	1,400
Accounts receivable	1,898
Operating lease right-of-use assets, net	405
Other current and noncurrent assets	444
Intangible assets	24,600
Goodwill	57,329
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(3,495)
Deferred revenue, current and noncurrent	(3,505)
Operating lease liabilities, current and noncurrent	(405)
Deferred income taxes	(6,306)
Net assets acquired	$	72,365

The following table summarizes the final fair values of assets acquired and liabilities assumed as of the ILT Acquisition Date:


	Fair Value
Cash and cash equivalents	$	164
Accounts receivable	343
Intangible assets	8,660
Goodwill	11,111
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(240)
Net assets acquired	$	20,038

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the FullCircl Acquisition Date:


	Fair Value
Cash and cash equivalents	$	3,182
Accounts receivable	1,814
Property and equipment, net	66
Operating lease right-of-use assets, net	198
Other current and noncurrent assets	211
Intangible assets	37,000
Goodwill	117,935
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(3,776)
Deferred revenue, current and noncurrent	(4,773)
Operating lease liabilities, current and noncurrent	(198)
Deferred income taxes	(9,250)
Net assets acquired	$	142,409

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table sets forth the components of the fair value of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the DocFox Acquisition Date:


	Fair Value		Useful Life
Trade name	$	200	1 year
Customer relationships	16,400		10 years
Developed technology	8,000		5 years
Total intangible assets subject to amortization	$	24,600


	Fair Value		Useful Life
Trade name	$	210	1 year
Customer relationships	5,870		10 years
Developed technology	2,580		5 years
Total intangible assets subject to amortization	$	8,660

The following table sets forth the components of the preliminary fair value of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the FullCircl Acquisition Date:


	Fair Value		Useful Life
Trade name	$	1,100	1 year
Customer relationships	26,500		10 years
Developed technology	9,400		5 years
Total intangible assets subject to amortization	$	37,000

Summary of Business and Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2025

Accounting Policies [Abstract]

Principles of Consolidation and Basis of Presentation

Principles of Consolidation and Basis of Presentation: The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") as set forth in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). The consolidated financial statements include accounts of the Company’s wholly-owned subsidiaries as well as a variable interest entity in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made by the Company’s management are used for, but not limited to, revenue recognition including determining the nature and timing of satisfaction of performance obligations, variable consideration, and stand-alone selling price; the average period of benefit associated with costs capitalized to obtain revenue contracts; fair value of assets acquired and liabilities assumed for business combinations; the useful lives of intangible assets; income taxes and the related valuation allowance on deferred tax assets; redemption value of redeemable non-controlling interest; and stock-based compensation. The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates.

Operating Segments

Segments: The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker ("CODM"), which is the Company’s Chief Executive Officer, in deciding how to make operating decisions, allocate resources, and assess performance. The Company’s CODM allocates resources and assesses performance at the consolidated level.

Concentration of Credit Risk and Significant Customers

Concentration of Credit Risk and Significant Customers: The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, and accounts receivable. The Company’s cash and cash equivalents exceeded federally insured limits at January 31, 2024 and January 31, 2025. The Company maintains its cash, cash equivalents, and restricted cash with high-credit-quality financial institutions.

Revenue Recognition

Revenue Recognition: The Company derives revenues primarily from subscription services and professional services. Revenues are recognized when a contract exists between the Company and a customer and upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of subscription and professional services, which may be capable of being distinct and accounted for as separate performance obligations, or in the case of offerings such as subscription services and support, accounted for as a single performance obligation. Revenues are recognized net of allowances and any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenues when, or as, the Company satisfies a performance obligation.

Subscription Revenues

Subscription revenues primarily consist of fees for providing customers access to the Company’s solutions, with routine customer support and maintenance related to email and phone support, bug fixes, and unspecified software updates, and upgrades released when and if available during the maintenance term. Revenues are generally recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer, which the Company believes best reflects the manner in which the Company’s customers utilize the Company’s subscription offerings. Arrangements with customers do not provide the customer with the right to take possession of the software supporting the Company's solutions at any time and, as a result, are accounted for as a service contract. Generally, the Company’s subscription contracts are three to five years in length, billed annually in advance, are non-cancelable, and do not contain refund-type provisions. U.S. mortgage contracts are generally billed monthly in advance. Subscription arrangements that are cancelable generally have penalty clauses.

Professional Services and Other Revenues

Professional services revenues primarily consist of fees for deployment, configuration, and optimization services, as well as training. The majority of the Company’s professional services contract revenues are recognized over time based on a proportional performance methodology which utilizes input methods. The Company’s professional services contracts are billed on a time and materials or fixed fee basis.

Contracts with Multiple Performance Obligations

Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“SSP”) basis. The Company determines SSP by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include the Company’s discounting practices, the size and volume of the Company’s transactions, the customer demographic, the geographic area where services are sold, price lists, the Company’s go-to-market strategy, historical sales, and contract prices. As the Company’s go-to-market strategies evolve, the Company may modify its pricing practices in the future, which could result in changes to SSP.

Given the variability of pricing, the Company uses a range of SSP. The Company determines the SSP range using information that may include market conditions or other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of products and services by customer size.

Costs Capitalized to Obtain Revenue Contracts

The Company capitalizes incremental costs of obtaining a non-cancelable subscription and support revenue contract if the Company expects the benefit of those costs to be longer than one year. The capitalized amounts are subsequently amortized over the estimated life of the contract. Capitalized amounts consist primarily of sales commissions paid to the Company’s direct sales force. Capitalized amounts also include (1) amounts paid to employees other than the direct sales force who earn incentive payouts under annual compensation plans that are tied to the value of contracts acquired and (2) the associated payroll taxes and fringe benefit costs associated with the payments to these employees. Capitalized costs related to

new revenue contracts or on upsell of existing contracts are amortized on a straight-line basis over four to five years, which, although longer than the typical initial contract period, reflects the average period of benefit, including expected contract renewals. In arriving at this average period of benefit, the Company evaluated both qualitative and quantitative factors which included the estimated life cycles of its offerings and its customer attrition. Commissions paid relating to contract renewals are not commensurate with sales commissions paid on initial contracts and as such are deferred and amortized over the related renewal period. The capitalized amounts are recoverable through future revenue streams under all non-cancelable customer contracts. The Company periodically evaluates whether there have been any changes in its business, the market conditions in which it operates, or other events which would indicate that its amortization period should be changed or if there are potential indicators of impairment. Any changes in the anticipated period of benefit or the average renewal term are recognized on a prospective basis upon occurrence. Amortization of capitalized costs to obtain revenue contracts is included in sales and marketing expense in the accompanying consolidated statements of operations.

Judgments

Contracts with customers may include multiple services requiring allocation of the transaction price across the different performance obligations.

Standalone selling price is established by maximizing the amount of observable inputs, primarily actual historical selling prices for performance obligations where available and includes consideration of factors such as go-to-market model and customer size. Where standalone selling price may not be observable (e.g., the performance obligation is not sold separately), the Company maximizes the use of observable inputs by using information that may include reviewing pricing practices, performance obligations with similar customers, and selling models.

At times, the Company provides credits or incentives to its customers. Known and estimable credits and incentives represent a form of variable consideration, which are determined at contract inception and reduce the revenues recognized for a particular contract. At the end of each reporting period, the Company reviews and updates its estimates as additional information becomes available. The Company believes that there will not be significant changes to its estimates of variable consideration as of January 31, 2025.

The Company evaluates whether it is the principal or agent with respect to vendor reseller agreements pursuant to which the Company resells certain third-party solutions along with the Company’s solutions. Where the Company is the principal, it first obtains control of the inputs to the specific good or service and directs their use to create the combined output. The Company’s control is evidenced by its involvement in the integration of the good or service on its platform before it is transferred to its customers and is further supported by the Company being primarily responsible to its customers and having a level of discretion in establishing pricing. The Company has determined that, generally, the Company is acting as the principal and reports revenues from these types of contracts on a gross basis, meaning the amounts billed to customers are recorded as revenues and expenses incurred are recorded as cost of revenues.

Deferred Revenue

Deferred Revenue: Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services, including non-cancellable and non-refundable committed funds and deposits. Deferred revenue is recognized as revenue recognition criteria has been met. Customers are typically invoiced for these agreements in advance of regular annual installments and revenues are recognized ratably over the contractual subscription period. The deferred revenue balance is influenced by several factors, including seasonality, the compounding effects of renewals, invoice duration, invoice timing, size, and new business linearity. Deferred revenue does not represent the total contract value of annual or multi-year non-cancellable subscription agreements. Deferred revenue that will be recognized during the succeeding 12-month period are recorded as deferred revenue, current portion, and the remaining portion is recorded as deferred revenue, net of current portion on the consolidated balance sheets.

Payment terms vary by contract, although terms generally include a requirement of payment within 30 to 45 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined contracts generally do not include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable ways of purchasing services, such as invoicing at the beginning of a subscription term with revenues recognized ratably over the contract period, and not to provide financing to customers. Any implied financing costs are considered insignificant in the context of the Company’s contracts.

Cash and Cash Equivalents

Cash and Cash Equivalents: The Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at fair value.

Restricted Cash

Restricted Cash: Restricted cash primarily consisted of a minimum cash balance the Company maintained with a lender under the Company's revolving credit facility for fiscal year 2024. Restricted cash consists of deposits held as collateral for the Company's bank guarantees issued in place of security deposits for certain property leases and credit cards, at January 31, 2025. Restricted cash is included in long-term prepaid expenses and other assets at January 31, 2024 and January 31, 2025 on the consolidated balance sheets.

Accounts Receivable and Allowances

Accounts Receivable and Allowances: A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. Certain performance obligations may require payment before delivery of the service to the customer. The Company recognizes a contract asset in the form of accounts receivable when the Company has an unconditional right to payment, and the Company records a contract asset in the form of unbilled accounts receivable when revenues earned on a contract exceeds the billings. The Company’s standard billing terms are annual in advance, while U.S. mortgage standard billing terms are monthly in advance. An unbilled accounts receivable is a contract asset related to the delivery of the Company’s subscription services and professional services for which the related billings will occur in a future period. Unbilled accounts receivable consists of (i) revenues recognized for professional services performed but not yet billed and (ii) revenues recognized from non-cancelable, multi-year orders in which fees increase annually but for which the Company is not contractually able to invoice until a future period. Accounts receivable are reported at their gross outstanding balance reduced by an allowance for estimated receivable losses, which includes allowances for doubtful accounts and a reserve for expected credit losses.

Leases and Financing Obligations

Leases: The Company determines if an arrangement is or contains a lease at inception date based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. The Company accounts for lease and non-lease components as a single lease component for its facilities and equipment leases. The Company did not have any finance leases as of January 31, 2024 or January 31, 2025.

Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The lease term reflects the non-cancelable period of the lease together with options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Variable costs, such as common area maintenance costs, are not included in the measurement of the ROU assets and lease liabilities, but

are expensed as incurred. If an implicit rate is not readily determined by the Company's leases, the Company uses its incremental borrowing rate in determining the present value of the lease payments. Lease expense is recognized on a straight-line basis over the lease term.

The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term.

Financing Obligations: The Company records assets and liabilities for lease arrangements where the Company has continued involvement due to purchase options and is deemed to be the owner for accounting purposes.

Property and Equipment

Property and Equipment: Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets and commences once the asset is placed in service or is ready for its intended use. The estimated useful lives by asset classification are generally as follows:


Asset Classification						Estimated Useful Life
Furniture and fixtures						3-7 years
Computers and equipment						3 years
Buildings						40 years
Leasehold improvements						Shorter of remaining life of the lease term or estimated useful life

Repairs and maintenance are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization are removed from their respective accounts, and any gain or loss on such retirement is reflected in operating expenses.

Intangible Assets

Intangible Assets: Intangible assets are amortized over their estimated useful lives. Each period, the Company evaluates the estimated remaining useful life of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization.

Impairment Assessment

Impairment Assessment: The Company evaluates intangible assets and long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This includes but is not limited to significant adverse changes in business climate, market conditions, or other events that indicate an asset’s carrying amount may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of an asset or asset group to the estimated future undiscounted cash flows the asset or asset group is expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of these assets or asset group, the carrying amount of such assets is reduced to fair value.

Goodwill

Goodwill: Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. Goodwill is not amortized, but rather the carrying amounts of these assets are assessed for impairment at least annually or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Goodwill is tested for impairment annually on November 1, the first day of the fourth quarter of the fiscal year, or more frequently if circumstances indicate an impairment may have occurred between annual impairment tests. The Company has one reporting unit, therefore the Company evaluates goodwill for impairment at the entity level. To perform its impairment testing, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit is less than its carrying amount. The qualitative factors we consider include, but are not limited to, macroeconomic conditions, industry and market conditions, company-specific events, changes in circumstances, and our share price. If the qualitative factors indicate that the fair value of the reporting unit is greater than the carrying value of the net assets assigned to the reporting unit, then we do not consider the assigned goodwill to be impaired. If it is determined that it is more likely than not that the fair value of the Company is less than the carrying amount, a quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount. The Company may elect to bypass the qualitative assessment and perform the quantitative assessment. An impairment loss is recognized in an amount equal to the excess of the reporting unit’s carrying value over its fair value, up to the amount of goodwill allocated to the reporting unit.

Variable Interest Entity

Variable Interest Entity: The Company holds an interest in a Japanese company (“nCino K.K.”) that is considered a variable interest entity ("VIE"). nCino K.K. is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of nCino K.K. as it has the power over the activities that most significantly impact the economic performance of nCino K.K. and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to nCino K.K., in accordance with accounting guidance. As a result, the Company consolidated nCino K.K. and all significant intercompany accounts have been eliminated. The Company will continue to assess whether it has a controlling financial interest and whether it is the primary beneficiary at each reporting period. Other than the Company’s equity investments, the Company has not provided financial or other support to nCino K.K. that it was not contractually obligated to provide. The assets of the VIE can only be used to settle the obligations of the VIE and the creditors of the VIE do not have recourse to the Company. The assets and liabilities of the VIE were not significant to the Company’s consolidated financial statements except for cash which is reflected on the consolidated balance sheets. See Note 2 "Variable Interest Entity and Redeemable Non-Controlling Interest" for additional information regarding the Company’s variable interest.

Redeemable Non-Controlling Interest

Redeemable Non-Controlling Interest: Redeemable non-controlling interest relates to minority investors of nCino K.K. An agreement with the minority investors of nCino K.K. contains redemption features whereby the interest held by the minority investors are redeemable either at the option of the (i) minority investors or (ii) the Company, both beginning on the eighth anniversary of the initial capital contribution. If the interest of the minority investors were to be redeemed under this agreement, the Company would be required to redeem the interest based on a prescribed formula derived from the relative revenues of nCino K.K. and the Company. The balance of the redeemable non-controlling interest is reported at the greater of the initial carrying amount adjusted for the redeemable non-controlling interest’s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The resulting changes in the estimated redemption amount (increases or decreases) are recorded with corresponding adjustments against retained earnings or, in the absence of retained earnings, additional paid-in-capital. These interests are presented on the consolidated balance sheets outside of equity under the caption “Redeemable non-controlling interest.”

Business Combinations

Business Combinations: Several valuation methods may be used to determine the fair value of assets acquired and liabilities assumed. The Company uses its best estimates and assumptions to assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date. The Company’s estimates are inherently uncertain and may be subject to refinement due to unanticipated events and circumstances. For intangible assets, the Company typically uses income-based methods of valuation (for example, the multi-period excess earnings method is used to estimate the fair value estimate of customer relationships and the relief from royalty method is used in the fair value estimate of developed technologies). These methods typically start with a forecast of all of the expected future net cash flows for each asset. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors associated with the cash flow streams. Some of the more significant estimates and assumptions inherent in these methods are forecasted revenues, obsolescence life and factor, customer attrition rate, and the discount rate among other assumptions.

Determining the useful life of an intangible asset also requires judgment as different types of intangible assets will have different useful lives and certain assets may even be considered to have indefinite useful lives. During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed, with the corresponding offset to goodwill. In addition, uncertain tax positions and tax-related valuation allowances are initially recorded in connection with a business combination as of the acquisition date. The Company continues to collect information and reevaluates these estimates and assumptions quarterly and records any adjustments to the Company’s preliminary estimates to goodwill provided that the Company is within the measurement period. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of operations.

For acquisitions involving additional consideration to be transferred to the selling parties in the event certain future events occur or conditions are met (“contingent consideration”), the Company recognizes the acquisition-date fair value of contingent consideration as part of the consideration transferred in exchange for the business combination. Contingent consideration meeting the criteria to be classified as equity in the consolidated balance sheets is not remeasured, and its subsequent settlement is recorded within stockholders’ equity. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, with any changes in fair value recognized in the Company’s consolidated statements of operations.

Investments

Investments: The Company's investments are non-marketable equity investments without readily determinable fair value and for which the Company does not have control or significant influence. The investments are measured at cost with adjustments for observable changes in price or impairment as permitted by the measurement alternative. The Company assesses at each reporting period if the investments continue to qualify for the measurement alternative. Gains or losses resulting from observable price changes are recognized currently in the Company's consolidated statement of operations. The Company assesses the investments whenever events or changes in circumstances indicate that the carrying value of the investments may not be recoverable.

Debt Issuance Costs

Debt Issuance Costs: Debt issuance costs are initially deferred and amortized to interest expense on a straight-line basis over the expected term of the debt. The Company uses the straight-line basis as it approximates the amounts calculated under the effective-interest method. Unamortized debt issuance costs related to the secured revolving credit facility are considered long-term and are included in long-term prepaid expenses and other assets in the consolidated balance sheets.

Cost of Revenues

Cost of Revenues: Cost of subscription and support revenues consists of costs related to hosting the Company’s software solutions and employee-related costs, including stock-based compensation expenses and allocated overhead associated with customer support. Cost of professional services and other revenues consist of employee-related costs associated with these services, including stock-based compensation expenses, and allocated overhead, and the cost of subcontractors. Allocated overhead includes costs such as information technology infrastructure, rent and occupancy charges, along with employee benefit costs, and taxes based upon a percentage of total compensation expense. As such, general overhead expenses are reflected in each cost of revenues and operating expenses category. In addition, subscription cost of revenues includes amortization of acquired developed technology.

Research and Development

Research and Development: Research and development expenses consist primarily of salaries, benefits and stock-based compensation associated with our engineering, product and quality assurance personnel, as well as allocated overhead. Research and development expenses also include the cost of third-party contractors. Research and development costs are expensed as incurred.

Advertising

Advertising: Advertising costs are expensed as incurred and consist of advertising, third-party marketing, branded marketing, and conference and event expenses.

Income Taxes

Income Taxes: Deferred income taxes are determined using the asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are also recorded for any tax attributes, such as net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are adjusted for the effects of the changes in tax laws and rates on the date of enactment within income tax expense. The Company reflects the expected amount of income taxes to be paid or refunded during the year as current income tax expense or benefit, as applicable.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

The Company follows the accounting standards on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed, or expected to be claimed, on a tax return should be recorded in the consolidated financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the tax position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the benefit having a greater than 50% likelihood of being realized upon ultimate settlement. The guidance on accounting for uncertainty in income taxes also addresses de-recognition, classification, interest and penalties on income taxes, and accounting interim periods.

When and if applicable, potential interest and penalties are accrued as incurred, within the income tax provision.

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss): Accumulated other comprehensive income (loss) is reported as a component of stockholders’ equity and includes unrealized gains and losses on foreign currency translation adjustments.

Foreign Currency Exchange

Foreign Currency: The functional currency of the Company’s foreign subsidiaries is generally the local currency. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on the consolidated statements of comprehensive loss recorded in foreign currency translation line item. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate on the balance sheet date. Revenues and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates.

Foreign currency transaction gains and losses due to transactions denominated in a currency other than the functional currency are included in other expense, net in the consolidated statements of operations and were $(1.4) million, $(1.2) million, and $(10.5) million for the fiscal years ended January 31, 2023, 2024, and 2025, respectively, primarily related to various intercompany loans.

Stock-Based Compensation

Stock-Based Compensation: As further described in Note 10 "Stock-Based Compensation," the Company records compensation expense associated with stock options and other equity-based compensation in accordance with ASC 718, Compensation – Stock Compensation. The Company establishes fair value as the measurement objective in accounting for share-based payment transactions with employees and recognizes expense on a straight-line basis, net of estimated forfeitures, over the applicable vesting period. The estimated forfeiture rate applied is based on historical forfeiture rates.

Basic and Diluted Loss per Common Share

Basic and Diluted Loss per Common Share: Basic loss per share is calculated by dividing the net loss attributable to nCino, Inc. by the weighted-average number of shares of common stock outstanding for the period.

Diluted loss per share is calculated by giving effect to all potentially dilutive common stock, which is comprised of stock options issued and outstanding, nonvested RSUs issued and outstanding, and shares issuable pursuant to the Employee Stock Purchase Plan (the "ESPP") when determining the weighted-average number of common shares outstanding. For purposes of the diluted loss per share calculation, basic and diluted loss per share were the same, as the effect of all potentially dilutive securities would have been anti-dilutive.

Recent Accounting Pronouncements Adopted and Not Yet Adopted

Recently Adopted Accounting Pronouncements: In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The guidance includes amendments to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023 on a retrospective basis, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 for the fiscal year ended January 31, 2025 on a retrospective basis. See Note 19 "Segment Information" for additional information.

Recent Accounting Pronouncements Not Yet Adopted: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance includes amendments to enhance existing income tax disclosure requirements, primarily related to the rate reconciliation and income taxes paid disclosures. The ASU is effective for annual periods beginning after December 15, 2024 on a prospective basis with the option to apply the ASU retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The guidance includes amendments to require public companies to provide additional disclosure about certain costs and expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, on a prospective basis with the option to apply the ASU retrospectively. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on the Company’s consolidated financial statements.

Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2024 and January 31, 2025 and indicates the fair value hierarchy of the valuation:


	Fair value measurements on a recurring basis as of January 31, 2024
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	38,649	$	—	$	—
Time deposits (included in long-term prepaid expenses and other assets)	359		—		—
Total assets	$	39,008	$	—	$	—


	Fair value measurements on a recurring basis as of January 31, 2025
	Level 1		Level 2		Level 3
Assets:
Money market accounts (included in cash and cash equivalents)	$	38,841	$	—	$	—
Time deposits (included in long-term prepaid expenses and other assets)	339		—		—
Total assets	$	39,180	$	—	$	—

Restructuring

12 Months Ended

Jan. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

In the fourth quarter of fiscal 2023, the Company announced a workforce reduction of approximately 7% and office space reductions in certain markets (collectively, the “restructuring plan”) in furtherance of its efforts to improve operating margins and advance the Company’s objective of profitable growth.

Lease termination costs were accounted for in accordance with ASC 842, Leases. The Company paid $0.8 million in the fourth quarter of fiscal 2023 to exercise an early termination clause to exit a facility during fiscal 2024, which was accounted for as a lease modification.

The Company incurred charges in the fourth quarter of the Company’s fiscal 2023 of $4.8 million in connection with the restructuring plan. The accrual for severance and related benefit costs of $5.0 million for terminated employees was included in accrued compensation and benefits on the consolidated balance sheets as of January 31, 2023 and was paid in the first quarter of the Company’s fiscal 2024.

The Company’s restructuring charges were as follows:


	Fiscal Year Ended January 31,
	2023								2024
	Severance and other employee costs		Stock-based compensation (benefit)		Lease exit fees1		Total		Severance and other employee costs		Stock-based compensation (benefit)		Lease exit fees1		Total
Cost of subscription revenues	$	—	$	—	$	4	$	4	$	—	$	—	$	51	$	51
Cost of professional services and other revenues	324		(9)		9		324		—		—		118		118
Sales and marketing	1,324		(31)		9		1,302		—		—		100		100
Research and development	2,105		(141)		30		1,994		—		—		352		352
General and administrative	1,210		(29)		2		1,183		—		—		6		6
Total	$	4,963	$	(210)	$	54	$	4,807	$	—	$	—	$	627	$	627

1These expenses reduced operating lease right-of-use assets on the consolidated balance sheets.

The Company had no restructuring charges for the fiscal year ended January 31, 2025.

Segment Information - Revenues by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Net revenue by geographic region
Revenues	$ 540,657	$ 476,543	$ 408,315
United States
Net revenue by geographic region
Revenues	424,432	387,201	346,494
United Kingdom
Net revenue by geographic region
Revenues	56,517	41,894	28,535
Other
Net revenue by geographic region
Revenues	$ 59,708	$ 47,448	$ 33,286

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entity and Redeemable Non-Controlling Interest (Tables)

12 Months Ended

Jan. 31, 2025

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below:


	Fiscal Year Ended January 31,
	2023		2024		2025
Balance, beginning of period	$	2,882	$	3,589	$	3,428
Investment by redeemable non-controlling interest	—		983		—
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	(1,119)		(1,109)		(472)
Foreign currency translation	(194)		13		7
Adjustment to redeemable non-controlling interest	1,995		(71)		5,301
Stock-based compensation expense1	25		23		22
Balance, end of period	$	3,589	$	3,428	$	8,286

1 nCino K.K. stock options granted in accordance with nCino K.K.'s equity incentive plan.

Summary of Business and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Jan. 31, 2025 USD ($) segment reporting_unit	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)
Concentration Risk [Line Items]
Number of operating segments \| segment	1
Number of reporting units \| reporting_unit	1
Goodwill, impairment loss	$ 0	$ 0	$ 0
Advertising expense	8,700,000	7,700,000	8,700,000
Foreign currency transaction gain (loss), before tax	$ (10,500,000)	$ (1,200,000)	$ (1,400,000)
Minimum
Concentration Risk [Line Items]
Capitalized contract cost, amortization period	4 years
Remaining performance obligation, expected timing of satisfaction	30 days
Maximum
Concentration Risk [Line Items]
Capitalized contract cost, amortization period	5 years
Remaining performance obligation, expected timing of satisfaction	45 days

Fair Value Measurements - Summary of Financial Assets (Details) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Level 1
Assets:
Time deposits (included in long-term prepaid expenses and other assets)	$ 339	$ 359
Total assets	39,180	39,008
Level 1 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	38,841	38,649
Level 2
Assets:
Time deposits (included in long-term prepaid expenses and other assets)	0	0
Total assets	0	0
Level 2 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	0	0
Level 3
Assets:
Time deposits (included in long-term prepaid expenses and other assets)	0	0
Total assets	0	0
Level 3 \| Money Market Funds
Assets:
Money market accounts (included in cash and cash equivalents)	$ 0	$ 0

Subsequent Events	12 Months Ended
Subsequent Events	Jan. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Effective February 1, 2025, Pierre Naudé retired as the Company's Chairman and Chief Executive Officer and Sean Desmond was appointed to succeed Mr. Naudé as the Company's new President and Chief Executive Officer and as a member of the Company's Board of Directors. On the same date, Mr. Naudé was appointed Executive Chairman of the Board. In February 2025, the Company's wholly-owned subsidiary, nCino OpCo, acquired all of the outstanding equity of Alphapack, Co. dba Sandbox Banking ("Sandbox Banking"), a digital transformation leader serving the financial services industry. The aggregate purchase price for the Sandbox Banking acquisition totaled $52.5 million, subject to customary adjustments, with an additional earn-out opportunity of up to $10.0 million and was funded with proceeds from the 2024 Credit Facility. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations. The Company is in the process of finalizing the accounting for this transaction and will complete the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of our first quarter of fiscal 2026. In March 2025, the Company repaid $50.0 million on the 2024 Credit Facility. In March 2025, we recorded a realized gain of $1.2 million from the sale of all our shares in Zest AI. See Note 16 "Related-Party Transactions" for additional information. In March 2025, our Board of Directors authorized a stock repurchase program to acquire up to $100.0 million of the Company's common stock. Under the stock repurchase program, the Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transactions, or by other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, price, timing, and manner of any repurchases will be determined at the Company’s discretion, subject to general market conditions, as well as the Company’s management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The repurchase program does not obligate the Company to repurchase any specific amount of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the discretion of nCino’s Board of Directors. The stock repurchase program will be funded using existing cash and cash equivalents, credit facility capacity and/or future cash flows.

Commitment and Contingencies

12 Months Ended

Jan. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

In addition to the operating lease commitments described in Note 13 "Leases", the Company has additional contractual commitments as described further below.

Purchase Commitments

The Company’s purchase commitments consist of non-cancellable agreements to purchase goods and services, primarily licenses and hosting services, entered into in the ordinary course of business.

Financing Obligations

The Company entered into a lease agreement for the Company's headquarters in November 2020 in connection with a new lessor acquiring the property. Due to a purchase option contained in that lease, the Company is deemed to have continuing involvement and is considered to be the owner of the Company's headquarters for accounting purposes. As a result, the Company did not meet the criteria to apply sale-leaseback accounting and therefore, recorded an asset and corresponding financing obligation for $16.3 million at inception of that lease. The fair value of the leased property and corresponding financing obligation are included in property and equipment, net and financing obligations on the consolidated balance sheets, respectively.

In January 2021, the Company entered into an amendment to its November 2020 headquarters lease to provide for construction of a parking deck, which upon completion was subject to exclusive use by the Company. Due to the Company also being deemed to be the owner of the parking deck for accounting purposes, the costs associated with the construction of the parking deck were capitalized as construction in progress with a corresponding construction liability through construction. Upon completion of the parking deck in September 2021, for approximately $17.7 million, the costs of the construction in

progress and the corresponding construction liability were reclassified to property and equipment, net and financing obligations on the consolidated balance sheets, respectively.

In April 2021, the Company entered into a new lease agreement for the construction of an additional office building that is on the same parcel of land as the Company's existing headquarters. Due to a purchase option contained in that April 2021 lease, the Company is also deemed to be the owner of the additional building for accounting purposes, the costs associated with the construction of the additional building were capitalized as construction in progress with a corresponding construction liability through construction. Upon completion of the additional building in November 2022, for approximately $22.4 million, the costs of the construction in progress and the corresponding construction liability were reclassified to property and equipment, net and financing obligations on the consolidated balance sheets, respectively, and the term of the Company's November 2020 lease for its headquarters and the related parking deck became coterminous with the April 2021 lease. The term of the April 2021 lease expires in October 2037 with options to extend. The purchase option expires if not exercised on or before November 30, 2026.

The leases will be analyzed for applicable lease accounting upon expiration of the purchase option, if not exercised.

Purchase commitments and future minimum lease payments required under financing obligations as of January 31, 2025 is as follows:


Fiscal Year Ending January 31,	Purchase commitments		Financing obligations - leased facility
2026	$	88,090	$	4,653
2027	80,665		3,958
2028	74,152		—
2029	—		—
2030	—		—
Thereafter	—		—
Total	$	242,907	$	8,611
Residual financing obligations and assets			49,617
Less: amount representing interest			(5,376)
Financing obligations			$	52,852

A portion of the associated lease payments are recognized as interest expense and the remainder reduces the financing obligations. The weighted-average discount rate for the Company's financing obligations as of January 31, 2025 was 5.7%.

Indemnification

In the ordinary course of business, the Company generally includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. The Company has not accrued any material liabilities related to such obligations in the accompanying consolidated financial statements.

Legal Proceedings

From time to time, the Company is involved in legal proceedings or is subject to claims arising in the ordinary course of business including the following:

On September 26, 2022, a purported stockholder of the Company filed a complaint in the Delaware Court of Chancery in connection with the series of mergers in which the Company became the parent of nCino OpCo and SimpleNexus. On December 28, 2023, the Delaware Court of Chancery granted in full defendants' motions to dismiss the complaint. On

January 25, 2024, the plaintiff filed a notice of appeal. On September 12, 2024, the Delaware Supreme Court summarily affirmed the dismissal of the complaint in its entirety.

Other Commitments and Contingencies

The Company may be subject to audits related to its non-income taxes by tax authorities in jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are subsequently resolved with the authorities or potentially through the courts. The Company accrues for any assessments if deemed probable and estimable.

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 838,869	$ 839,440
Acquisitions	186,375
Translation adjustments	(5,869)	(571)
Goodwill, ending balance	$ 1,019,375	$ 838,869

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Current assets
Cash and cash equivalents (VIE: $2,277 and $2,254 at January 31, 2024 and January 31, 2025, respectively)	$ 120,928	$ 112,085
Accounts receivable, less allowances of $1,451 and $1,229 at January 31, 2024 and January 31, 2025, respectively	146,787	112,975
Costs capitalized to obtain revenue contracts, current portion, net	13,462	10,544
Prepaid expenses and other current assets	21,072	15,171
Total current assets	302,249	250,775
Property and equipment, net	74,953	79,145
Operating lease right-of-use assets, net	16,026	19,261
Costs capitalized to obtain revenue contracts, noncurrent, net	23,735	17,425
Goodwill	1,019,375	838,869
Intangible assets, net	154,571	115,572
Investments (related party $2,500 at January 31, 2024 and January 31, 2025)	9,294	9,294
Long-term prepaid expenses and other assets	10,178	10,089
Total assets	1,610,381	1,340,430
Current liabilities
Accounts payable	13,640	11,842
Accrued compensation and benefits	23,626	16,283
Accrued expenses and other current liabilities	16,239	10,847
Deferred revenue	191,174	170,941
Financing obligations, current portion	1,680	1,474
Operating lease liabilities, current portion	5,153	3,649
Total current liabilities	251,512	215,036
Operating lease liabilities, noncurrent	12,819	16,423
Deferred income taxes, noncurrent	13,851	3,687
Deferred revenue, noncurrent	269	0
Revolving credit facility, noncurrent	166,000	0
Financing obligations, noncurrent	51,172	52,680
Other long-term liabilities	17,160	0
Total liabilities	512,783	287,826
Commitments and contingencies (Note 15)
Redeemable non-controlling interest (Note 2)	8,286	3,428
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, and none issued and outstanding as of January 31, 2024 and January 31, 2025	0	0
Common stock, $0.0005 par value; 500,000,000 shares authorized as of January 31, 2024 and January 31, 2025; 113,684,299 and 115,996,852 shares issued and outstanding as of January 31, 2024 and January 31, 2025, respectively	58	57
Additional paid-in capital	1,474,413	1,400,881
Accumulated other comprehensive income	176	996
Accumulated deficit	(385,335)	(352,758)
Total stockholders’ equity	1,089,312	1,049,176
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$ 1,610,381	$ 1,340,430

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance, beginning of period	$ 0	$ 0	$ 0
Additions for current year tax positions	1,813	0	0
Additions for prior year tax positions	4,356	0	0
Additions for current year acquisitions	2,536	0	0
Balance, end of period	$ 8,705	$ 0	$ 0

Property and Equipment

12 Months Ended

Jan. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:


	As of January 31,
	2024		2025
Furniture and fixtures	$	12,066	$	11,712
Computers and equipment	8,010		7,193
Buildings and land	56,379		56,379
Leasehold improvements	27,712		28,046
Construction in progress	170		627
	104,337		103,957
Less accumulated depreciation	(25,192)		(29,004)
	$	79,145	$	74,953

The Company recognized depreciation expense as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cost of subscription revenues	$	399	$	567	$	480
Cost of professional services and other revenues	1,301		1,775		1,313
Sales and marketing	1,452		1,734		1,291
Research and development	2,435		2,819		2,399
General and administrative	865		1,143		769
Total depreciation expense	$	6,452	$	8,038	$	6,252

Stockholders’ Equity - Common Stock Future Issuance (Details) - shares	Jan. 31, 2025	Jan. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued and outstanding stock options	811,602	1,212,704
Possible issuance under stock plans	31,771,148
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued and outstanding stock options	811,602
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested issued and outstanding restricted stock units ("RSUs")	6,105,459
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares reserved for future issuance	38,688,209

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Related-Party Transactions	12 Months Ended
Related-Party Transactions	Jan. 31, 2025
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions On November 1, 2022, the Company's wholly-owned subsidiary, nCino OpCo, acquired preferred shares of ZestFinance, Inc. (d/b/a ZEST AI) ("Zest AI"), a private company, for $2.5 million and is included in investments as of January 31, 2024 and January 31, 2025 on the Company's consolidated balance sheets. The investment was considered a related party transaction as entities affiliated with Insight Partners, a beneficial owner of the Company, owned greater than ten percent of Zest AI. In March 2025, we recorded a realized gain of $1.2 million from the sale of all our shares in Zest AI.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Basic and Diluted Loss per Share (Tables)

12 Months Ended

Jan. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data):


	Fiscal Year Ended January 31,
	2023		2024		2025
Basic and diluted loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(102,720)	$	(42,346)	$	(37,878)
Denominator
Weighted-average common shares outstanding	110,615,734		112,672,397		115,162,175
Basic and diluted loss per share attributable to nCino, Inc.	$	(0.93)	$	(0.38)	$	(0.33)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potential outstanding common stock were excluded from the diluted loss per share computation because the effect would have been anti-dilutive:


	Fiscal Year Ended January 31,
	2023	2024	2025
Stock options issued and outstanding	2,009,323	1,212,704	811,602
Nonvested RSUs issued and outstanding	3,531,387	5,626,125	6,105,459
Shares issuable pursuant to the ESPP	21,079	105,227	106,440

Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (33,049)	$ (43,526)	$ (101,844)
Other comprehensive income (loss):
Foreign currency translation	(813)	315	572
Other comprehensive income (loss)	(813)	315	572
Comprehensive loss	(33,862)	(43,211)	(101,272)
Less comprehensive loss attributable to redeemable non-controlling interest:
Net loss attributable to redeemable non-controlling interest	(472)	(1,109)	(1,119)
Foreign currency translation attributable to redeemable non-controlling interest	7	13	(194)
Comprehensive loss attributable to redeemable non-controlling interest	(465)	(1,096)	(1,313)
Comprehensive loss attributable to nCino, Inc.	$ (33,397)	$ (42,115)	$ (99,959)

Business Combinations

12 Months Ended

Jan. 31, 2025

Business Combinations [Abstract]

Business Combinations

DocFox, Inc. (“DocFox”)

On March 20, 2024 (the "DocFox Acquisition Date"), the Company acquired the outstanding equity interests of DocFox, which provides a solution to automate onboarding experiences for commercial and business banking. The Company acquired DocFox for its complementary product set, which helps simplify and automate the onboarding and account opening process. The Company has included the financial results of DocFox in the consolidated statements of operations from the DocFox Acquisition Date. Including the $2.0 million in post combination expense referenced below, transaction costs associated with the DocFox acquisition were approximately $3.9 million and were recorded in general and administrative expenses for the fiscal year ended January 31, 2025.

The Company paid a total of $74.3 million in cash as of the DocFox Acquisition Date. Included in the total cash paid was $6.2 million for DocFox common stock options that were cash settled on the DocFox Acquisition Date. The $6.2 million fair value of the DocFox common stock options was allocated between consideration transferred and post combination expense in the amounts of $4.2 million and $2.0 million, respectively. As there was no future service requirement due to accelerated vesting of these options, the entire $2.0 million was recorded as transaction cost immediately following the acquisition and not in consideration transferred. The $2.0 million is included within general and administrative expense for the fiscal year ended January 31, 2025. The estimated fair value of the consideration transferred was $72.4 million on the DocFox Acquisition Date.

In addition, the Company issued 198,505 RSUs with an approximate fair value of $6.1 million to certain employees of DocFox, which will vest over four years subject to such employees' continued employment. The RSUs will be recorded as stock-based compensation expense post-acquisition as the RSUs vest and has been excluded from the purchase consideration.

The transaction was accounted for using the acquisition method and, as a result, tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values at the DocFox Acquisition Date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The Company determined the acquisition date contract assets and liabilities in accordance with ASC 606.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the DocFox Acquisition Date, including measurement period adjustments:


	Fair Value
Cash and cash equivalents	$	1,400
Accounts receivable	1,898
Operating lease right-of-use assets, net	405
Other current and noncurrent assets	444
Intangible assets	24,600
Goodwill	57,329
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(3,495)
Deferred revenue, current and noncurrent	(3,505)
Operating lease liabilities, current and noncurrent	(405)
Deferred income taxes	(6,306)
Net assets acquired	$	72,365

Initial accounting for the acquisition is not complete, and further measurement period adjustments may occur in fiscal year 2026, but no later than one year from the DocFox Acquisition Date. The area of the acquisition that remains preliminary relates to finalizing our estimate of the impact of acquisition accounting on deferred income taxes or liabilities, including uncertain tax positions. As the initial acquisition accounting is based on preliminary assessments, actual values may differ materially when final information becomes available. The Company believes the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. The Company will continue to evaluate these items until they are satisfactorily resolved and make necessary adjustments, within the allowable measurement period.


	Fair Value		Useful Life
Trade name	$	200	1 year
Customer relationships	16,400		10 years
Developed technology	8,000		5 years
Total intangible assets subject to amortization	$	24,600

Developed technology represents the fair value of DocFox's technology. Customer relationships represent the fair value of the underlying relationships with DocFox's customers. Trade names represents the fair value of DocFox’s company name.

Goodwill is primarily attributable to expanded market opportunities, synergies expected from the acquisition, and assembled workforce. The goodwill is not deductible for tax.

The financial results of DocFox since the DocFox Acquisition Date through January 31, 2025 are included in the Company's consolidated financial statements and are not material to the Company. The Company has not disclosed pro-forma revenue and earnings attributable to DocFox as they did not have a material effect on the Company’s consolidated financial statements.

Integrated Lending Technologies, LLC (“ILT”)

On April 1, 2024 (the "ILT Acquisition Date”), the Company acquired all outstanding membership interests of ILT, which provides consumer loan origination software that streamlines direct and indirect lending operations. The Company acquired ILT for its complementary products. The Company has included the financial results of ILT in the consolidated statements of operations from the ILT Acquisition Date. Transaction costs associated with the ILT acquisition were approximately $0.9 million and were recorded in general and administrative expenses for the fiscal year ended January 31, 2025.

The Company paid a total of $19.9 million in cash on the ILT Acquisition Date, subject to a net working capital adjustment. The net working capital adjustment was finalized in July 2024, resulting in an increase to the purchase price of $0.1 million which was recorded to goodwill.

The transaction was accounted for using the acquisition method and, as a result, tangible and intangible assets acquired, and liabilities assumed were recorded at their estimated fair values at the ILT Acquisition Date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The Company determined the acquisition date contract assets and liabilities in accordance with ASC 606.

The following table summarizes the final fair values of assets acquired and liabilities assumed as of the ILT Acquisition Date:


	Fair Value
Cash and cash equivalents	$	164
Accounts receivable	343
Intangible assets	8,660
Goodwill	11,111
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(240)
Net assets acquired	$	20,038

During the fiscal year ended January 31, 2025, within the one year measurement period, we finalized the fair value of the assets acquired and liabilities assumed in the acquisition, and the amounts presented above are now final.


	Fair Value		Useful Life
Trade name	$	210	1 year
Customer relationships	5,870		10 years
Developed technology	2,580		5 years
Total intangible assets subject to amortization	$	8,660

Developed technology represents the estimated fair value of ILT’s technology. Customer relationships represent the estimated fair value of the underlying relationships with ILT’s customers. Trade name represents the estimated fair value of ILT’s company name.

Goodwill is primarily attributable to expanded market opportunities, synergies expected from the acquisition, and assembled workforce and approximately $11.1 million is deductible for tax purposes.

The financial results of ILT since the ILT Acquisition Date are included in the Company's consolidated financial statements and are not material to the Company. The Company has not disclosed pro-forma revenue and earnings attributable to ILT as they did not have a material effect on the Company’s consolidated financial statements.

Artesian Solutions Limited ("FullCircl")

On November 5, 2024 (the "FullCircl Acquisition Date"), the Company acquired the outstanding equity interests of FullCircl, which provides an onboarding and customer lifecycle intelligence platform. The Company acquired FullCircl for its complementary products and believes this will provide greater value for new and existing customers. The Company has included the financial results of FullCircl in the consolidated statements of operations from the FullCircl Acquisition Date. Transaction costs associated with the FullCircl acquisition were approximately $3.6 million and were recorded in general and administrative expenses for the fiscal year ended January 31, 2025.

The purchase consideration was $142.4 million, of which the Company paid a total of $129.2 million in cash at the FullCircl Acquisition Date. The purchase consideration includes a deferred payment of $15.0 million, with a present value of $13.2 million at the FullCircl Acquisition Date, relating to an indemnity holdback amount to be paid in 24 months following the FullCircl Acquisition Date which is included in other long-term liabilities at January 31, 2025 on the consolidated balance sheets.

In addition, the Company issued 52,877 RSUs with an approximate fair value of $2.0 million to certain employees of FullCircl, which will vest over four years subject to such employees' continued employment. The RSUs will be recorded as stock-based compensation expense post-acquisition as the RSUs vest and has been excluded from the purchase consideration.

The transaction was accounted for using the acquisition method and, as a result, tangible and intangible assets acquired and liabilities assumed were recorded at their estimated fair values at the FullCircl Acquisition Date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill and is subject to revision as the purchase price allocation is complete. The Company determined the acquisition date contract assets and liabilities in accordance with ASC 606.

The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the FullCircl Acquisition Date:


	Fair Value
Cash and cash equivalents	$	3,182
Accounts receivable	1,814
Property and equipment, net	66
Operating lease right-of-use assets, net	198
Other current and noncurrent assets	211
Intangible assets	37,000
Goodwill	117,935
Accounts payable, accrued expenses, and other liabilities, current and noncurrent	(3,776)
Deferred revenue, current and noncurrent	(4,773)
Operating lease liabilities, current and noncurrent	(198)
Deferred income taxes	(9,250)
Net assets acquired	$	142,409

Due to the timing of the transaction, initial accounting for the acquisition is not complete, and further measurement period adjustments may occur in fiscal year 2026, but no later than one year from the FullCircl Acquisition Date. The Company has estimated the preliminary fair value of net assets acquired based on information currently available and with the assistance of independent third-party valuations and will continue to adjust those estimates as additional information becomes available, valuations are finalized and the tax returns for the pre-acquisition period are completed. The primary areas of the acquisition accounting that remain preliminary relate to, but are not limited to, (i) finalizing the review and valuation of intangible assets (including key assumptions, inputs and estimates), (ii) finalizing the evaluation and valuation of certain legal matters and/or loss contingencies, including those that the Company may not yet be aware of but meet the requirement to qualify as a pre-acquisition contingency, and (iii) finalizing our estimate of the impact of acquisition accounting on deferred income taxes or liabilities, including uncertain tax positions. As the initial acquisition accounting is based on preliminary assessments, actual values may differ materially when final information becomes available. The Company believes the information gathered to date

provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. The Company will continue to evaluate these items until they are satisfactorily resolved and make necessary adjustments, within the allowable measurement period.


	Fair Value		Useful Life
Trade name	$	1,100	1 year
Customer relationships	26,500		10 years
Developed technology	9,400		5 years
Total intangible assets subject to amortization	$	37,000

Developed technology represents the preliminary fair value of FullCircl's technology. Customer relationships represent the preliminary fair value of the underlying relationships with FullCircl's customers. Trade names represents the preliminary fair value of FullCircl’s company name. The Company continues to assess the rates used in the preliminary valuation methods such as, but not limited to, the discount rates for developed technology, customer relationships and trade name and customer attrition rate for customer relationships.

Goodwill is primarily attributable to expanded market opportunities, synergies expected from the acquisition, and assembled workforce. The goodwill is not expected to be deductible for tax.

The financial results of FullCircl since the FullCircl Acquisition Date are included in the Company's consolidated financial statements and are not material to the Company. The Company has not disclosed pro-forma revenue and earnings attributable to FullCircl as they did not have a material effect on the Company’s consolidated financial statements.

Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Numerator
Net loss attributable to nCino, Inc.	$ (37,878)	$ (42,346)	$ (102,720)
Denominator
Weighted average-common shares outstanding basic (in shares)	115,162,175	112,672,397	110,615,734
Weighted average-common shares outstanding diluted (in shares)	115,162,175	112,672,397	110,615,734
Basic loss per share attributable to nCino, Inc. (in USD per share)	$ (0.33)	$ (0.38)	$ (0.93)
Diluted loss per share attributable to nCino, Inc. (in USD per share)	$ (0.33)	$ (0.38)	$ (0.93)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revolving Credit Facility (Details) $ in Thousands			1 Months Ended		12 Months Ended
Revolving Credit Facility (Details) $ in Thousands	Oct. 28, 2024 USD ($)	Mar. 17, 2024 USD ($)	Mar. 31, 2025 USD ($)	Feb. 28, 2025 USD ($)	Jan. 31, 2025 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Feb. 11, 2022 USD ($)
Line of Credit Facility [Line Items]
Financial covenants, required minimum cash								$ 5,000
Debt instrument, capital stock of foreign subsidiaries owned, percentage					65.00%
Unamortized debt issuance cost					$ 1,400	$ 0
Revolving credit facility, noncurrent					166,000	0
Proceeds from borrowings on revolving credit facility					241,000	0	$ 50,000
Payments on revolving credit facility					75,000	30,000	$ 20,000
Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, covenant, consolidated interest coverage ratio	3.00
Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, covenant, senior secured leverage ratio	4.00
Revolving Credit Facility \| Bank of America, NA \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity								50,000
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 45,000
Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Revolving credit facility, noncurrent					$ 166,000	$ 0
Debt instrument, interest rate, stated percentage					6.31%
Line of credit, available borrowing capacity					$ 84,000
Letter of Credit \| Line of Credit \| Subsequent Event
Line of Credit Facility [Line Items]
Proceeds from borrowings on revolving credit facility				$ 52,500
Payments on revolving credit facility			$ 50,000
Letter of Credit \| Bank of America, NA \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity								$ 7,500
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250,000	$ 100,000
Line of credit facility, unused capacity, commitment fee percentage	0.25%	0.30%
Line of Credit \| Variable Rate, Case One
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%	1.3125%
Line of Credit \| Variable Rate, Case Two
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%	2.3125%
Line of Credit \| Federal Funds Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%	0.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%	1.00%
Line of Credit \| Base Rate \| Minimum \| Variable Rate, Case One
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.00%	0.00%
Line of Credit \| Base Rate \| Minimum \| Variable Rate, Case Two
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.00%	0.00%

Revenues (Tables)

12 Months Ended

Jan. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue by Geographic Region

Disaggregated revenues by source and geographic region were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
United States
Subscriptions - non-mortgage	$	241,394	$	273,044	$	303,546
Subscriptions - mortgage	59,804		68,040		73,782
Professional services and other	45,296		46,117		47,104
Total United States	346,494		387,201		424,432
International
Subscriptions	43,554		68,395		91,840
Professional services and other	18,267		20,947		24,385
Total International	61,821		89,342		116,225
Total Revenue	$	408,315	$	476,543	$	540,657

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2024 and January 31, 2025:


	As of January 31,
	2024		2025
Trade accounts receivable	$	106,170	$	122,394
Unbilled accounts receivable	7,699		23,662
Allowance for doubtful accounts	(1,451)		(1,229)
Other accounts receivable	557		1,960
Total accounts receivable, net	$	112,975	$	146,787

Segment Information - Schedule of Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Revenue, Major Customer [Line Items]
Revenues	$ 540,657	$ 476,543	$ 408,315
Less:
Interest income	(1,761)	(2,567)	(403)
Interest expense	8,763	4,135	2,807
Income tax provision (benefit)	(2,511)	1,590	4,071
Net loss	(33,049)	(43,526)	(101,844)
Reportable Segment
Revenue, Major Customer [Line Items]
Revenues	540,657	476,543	408,315
Less:
Adjusted cost of revenues	182,887	163,449	143,463
Adjusted sales and marketing expense	94,190	94,440	101,966
Adjusted research and development expense	111,110	101,017	107,839
Adjusted general and administrative expense	56,305	55,858	57,188
Other segment items	114,296	101,291	91,872
Interest income	(1,761)	(2,567)	(403)
Interest expense	8,763	4,135	2,807
Other expense, net	10,427	856	1,356
Income tax provision (benefit)	(2,511)	1,590	4,071
Net loss	$ (33,049)	$ (43,526)	$ (101,844)

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Jan. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Number of Shares
Outstanding, beginning of period (in shares)	1,212,704
Granted (in shares)	0
Expired or forfeited (in shares)	(1,375)
Exercised (in shares)	(399,727)
Outstanding, end of period (in shares)	811,602	1,212,704
Exercisable, end of period (in shares)	811,602
Fully vested or expected to vest, end of period (in shares)	811,602
Weighted Average Exercise Price
Outstanding, beginning of period (in USD per share)	$ 7.14
Granted (in USD per share)	0
Expired or forfeited (in USD per share)	12.06
Exercised (in USD per share)	6.96
Outstanding, end of period (in USD per share)	7.22	$ 7.14
Exercisable, end of period (in USD per share)	7.22
Fully vested or expected to vest, end of period (in USD per share)	$ 7.22
Weighted Average Remaining Contractual Term (Years)
Weighted average remaining contractual term	2 years 3 months 7 days	3 years 2 months 15 days
Exercisable, end of period	2 years 3 months 7 days
Fully vested or expected to vest, end of period	2 years 3 months 7 days
Aggregate Intrinsic Value (In thousands)
Outstanding, beginning of period	$ 29,516
Exercised	10,890	$ 19,000	$ 16,200
Outstanding, end of period	21,742	$ 29,516
Exercisable, end of period	21,742
Fully vested or expected to vest, end of period	$ 21,742

Segment Information

12 Months Ended

Jan. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company's chief operating decision maker ("CODM") is the Company's Chief Executive Officer, who reviews financial information on a consolidated basis. The Company brings together people and data to enable financial institutions to enhance strategic decision-making, risk management, and customer satisfaction through the selection of intelligent solutions provided by the nCino Platform as a SaaS company. As such, the Company has one operating and reportable segment. The CODM uses consolidated net loss in deciding how to make operating decisions, allocate resources, and assess performance.

The following table presents selected financial information that is provided to our CODM:


	Fiscal Year Ended January 31,
	2023		2024		2025
Revenues	$	408,315	$	476,543	$	540,657
Less:
Adjusted cost of revenues(1)	143,463		163,449		182,887
Adjusted sales and marketing expense(1)	101,966		94,440		94,190
Adjusted research and development expense(1)	107,839		101,017		111,110
Adjusted general and administrative expense(1)	57,188		55,858		56,305
Other segment items(2)	91,872		101,291		114,296
Interest income	(403)		(2,567)		(1,761)
Interest expense	2,807		4,135		8,763
Other expense, net	1,356		856		10,427
Income tax provision (benefit)	4,071		1,590		(2,511)
Net loss	$	(101,844)	$	(43,526)	$	(33,049)

(1) Cost of revenue, sales and marketing expense, research and development expense, general and administrative expense and other expense, net in the consolidated statements of operations, adjusted to exclude amortization of intangible assets, stock-based compensation expense, acquisition-related expenses, certain litigation expenses, and restructuring and related charges.

(2) Other segment items are the adjustments described in the note above.

Revenues by geographic region were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
United States	$	346,494	$	387,201	$	424,432
United Kingdom	28,535		41,894		56,517
Other	33,286		47,448		59,708
	$	408,315	$	476,543	$	540,657

Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. For the fiscal years ended January 31, 2023, 2024, and 2025, no other country represented 10% or more of total revenues for the periods presented.

Long-lived assets, which consist of property and equipment, net and operating ROU assets, net by geographic region were as follows:


	As of January 31,
	2024		2025
United States	$	84,136	$	79,115
United Kingdom	12,446		9,760
Other	1,824		2,104
	$	98,406	$	90,979

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Revenue from Contract with Customer [Abstract]
Trade accounts receivable	$ 122,394	$ 106,170
Unbilled accounts receivable	23,662	7,699
Allowance for doubtful accounts	(1,229)	(1,451)
Other accounts receivable	1,960	557
Total accounts receivable, net	$ 146,787	$ 112,975

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax liabilities, net, adjusted amount	$ 15,100
Accrued income taxes, current	1,200	$ 2,000
Deferred tax assets, valuation allowance	(160,289)	(148,270)
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	3,600
Valuation allowance, deferred tax asset, increase, amount	12,000	9,900	$ 29,300
Undistributed earnings of foreign subsidiaries	26,700
Effective income tax rate reconciliation, repatriation of foreign earnings, amount	1,200
Unrecognized tax benefits	8,705	$ 0	$ 0	$ 0
Unrecognized tax benefits that would impact effective tax rate	3,700
Income tax penalties and interest expense	$ 2,000

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 31, 2025 USD ($) plan $ / shares shares	Jan. 31, 2024 USD ($) $ / shares	Jan. 31, 2023 USD ($) $ / shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of equity incentive plans \| plan	2
Exercised \| $	$ 10,890	$ 19,000	$ 16,200
Stock plan offering period	6 months
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	4 years
Granted (in USD per share) \| $ / shares	$ 33.65	$ 25.65	$ 41.54
Equity Instruments other than options, aggregate intrinsic value, vested \| $	$ 60,800	$ 48,200	$ 39,700
Unrecognized compensation costs \| $	$ 145,700
Unrecognized compensation costs period for recognition	2 years 8 months 23 days
Employee Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation costs \| $	$ 700
Minimum
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Purchase price of common stock, percent	100.00%
2014 Equity Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares authorized (in shares) \| shares	15,025,666
2014 Equity Incentive Plan \| Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	4 years
Expiration period	10 years
2019 Equity Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Award vesting period	4 years
Expiration period	10 years
2019 Equity Incentive Plan \| Share-based Payment Arrangement
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of additional shares authorized (in shares) \| shares	15,250,000
Percent increase in aggregate shares	5.00%
Employee Stock Purchase Plan \| Employee Stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares authorized (in shares) \| shares	1,800,000
Purchase price of common stock, percent	85.00%
Percent increase in aggregate shares	1.00%
Number of shares available for grant \| shares	5,484,024

Segment Information (Tables)

12 Months Ended

Jan. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information

The following table presents selected financial information that is provided to our CODM:


	Fiscal Year Ended January 31,
	2023		2024		2025
Revenues	$	408,315	$	476,543	$	540,657
Less:
Adjusted cost of revenues(1)	143,463		163,449		182,887
Adjusted sales and marketing expense(1)	101,966		94,440		94,190
Adjusted research and development expense(1)	107,839		101,017		111,110
Adjusted general and administrative expense(1)	57,188		55,858		56,305
Other segment items(2)	91,872		101,291		114,296
Interest income	(403)		(2,567)		(1,761)
Interest expense	2,807		4,135		8,763
Other expense, net	1,356		856		10,427
Income tax provision (benefit)	4,071		1,590		(2,511)
Net loss	$	(101,844)	$	(43,526)	$	(33,049)

(2) Other segment items are the adjustments described in the note above.

Schedule of Revenues by Geographic Region

Revenues by geographic region were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
United States	$	346,494	$	387,201	$	424,432
United Kingdom	28,535		41,894		56,517
Other	33,286		47,448		59,708
	$	408,315	$	476,543	$	540,657

Schedule of Property and Equipment, Net and Operating ROU Assets, Net by Geographic Region

Long-lived assets, which consist of property and equipment, net and operating ROU assets, net by geographic region were as follows:


	As of January 31,
	2024		2025
United States	$	84,136	$	79,115
United Kingdom	12,446		9,760
Other	1,824		2,104
	$	98,406	$	90,979

Leases - Narrative (Details)	Jan. 31, 2025
Leases [Abstract]
Term of contract	5 years
Operating lease, weighted average remaining lease term	5 years 9 months 7 days
Operating lease, weighted average discount rate, percent	6.90%

Income Taxes (Tables)

12 Months Ended

Jan. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of loss before income taxes by domestic and foreign jurisdictions were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
United States	$	(100,223)	$	(61,994)	$	(26,326)
Foreign	2,450		20,058		(9,234)
Loss before income taxes	$	(97,773)	$	(41,936)	$	(35,560)

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax provision (benefit) consisted of the following:


	Fiscal Year Ended January 31,
	2023		2024		2025
Current:
Federal	$	—	$	—	$	498
State	81		489		487
Foreign	2,363		3,441		3,622
Total	2,444		3,930		4,607
Deferred:
Federal	1,339		819		(2,870)
State	438		629		(1,200)
Foreign	(150)		(3,788)		(3,048)
Total	1,627		(2,340)		(7,118)
Total income tax provision (benefit)	$	4,071	$	1,590	$	(2,511)

Schedule of Effective Income Tax Rate Reconciliation

The differences between income taxes expected at the U.S. federal statutory income tax rate and the reported income tax (provision) benefit are summarized as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Income taxes at statutory rate of 21% for 2023, 2024, and 2025	21.0	%	21.0	%	21.0	%
State income tax (provision) benefit, net of federal impact	(0.4)		(2.7)		1.6
Tax credits	0.0		23.9		9.7
Changes in valuation allowance	(21.6)		(10.5)		7.7
Federal return to provision	(0.2)		(19.7)		1.3
Foreign rate differential	0.5		(1.7)		1.2

Other	(0.2)		0.2		(1.0)
Stock-based compensation	0.1		(1.0)		(1.3)
Nondeductible expenses	(0.2)		(1.0)		(1.3)
Deferred adjustments	0.0		0.0		(1.5)
Effects of non-US operations	(0.1)		(0.5)		(1.6)
GILTI inclusion	(0.6)		(6.8)		(2.2)
Transaction costs	(0.1)		0.0		(3.1)
Executive compensation	(2.4)		(5.0)		(8.2)
Uncertain tax positions	0.0		0.0		(15.2)
	(4.2)	%	(3.8)	%	7.1	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities were as follows:


	As of January 31,
	2024		2025
Deferred tax assets:
Net operating losses	$	115,187	$	118,820
Research and development	39,305		48,056
Tax credits	15,444		17,104
Financing obligations and lease liabilities	17,343		16,591
Equity compensation	9,085		11,108
Reserves and accruals	3,900		4,747




Other	1,613		1,587
Total deferred tax assets	201,877		218,013
Less valuation allowance	(148,270)		(160,289)
Total deferred tax assets, net of valuation allowances	53,607		57,724
Deferred tax liabilities:
Intangible assets	(26,216)		(38,429)
Depreciation	(15,066)		(13,522)
Contract acquisition costs	(7,112)		(9,254)
Lease asset	(4,453)		(4,048)

Deferred revenue	(310)		(121)
Total deferred tax liabilities	(53,157)		(65,374)
Net deferred tax liabilities	$	450	$	(7,650)

Net deferred tax liabilities were included in the consolidated balance sheets as follows:


	As of January 31,
	2024		2025
Long-term prepaid expenses and other assets	$	4,137	$	6,201
Deferred income taxes, noncurrent	(3,687)		(13,851)
Net deferred tax liabilities	$	450	$	(7,650)

Schedule of Tax Credit Carryforwards

The net operating loss and tax credit carryforwards as of January 31, 2025 were as follows:


	As of January 31, 2025	First Fiscal Year Expiring

Federal net operating loss carryforwards1	354,217	None
State net operating loss carryforwards1	254,212	2030
State net operating loss carryforwards1	81,394	None
Foreign net operating loss carryforwards	8,790	2031
Foreign net operating loss carryforwards1	102,385	None
Federal tax credit carryforwards1	14,840	2037
State tax credit carryforwards	2,788	2032
Foreign tax credit carryforward	61	None

Schedule of Operating Loss Carryforwards

The net operating loss and tax credit carryforwards as of January 31, 2025 were as follows:


	As of January 31, 2025	First Fiscal Year Expiring

Federal net operating loss carryforwards1	354,217	None
State net operating loss carryforwards1	254,212	2030
State net operating loss carryforwards1	81,394	None
Foreign net operating loss carryforwards	8,790	2031
Foreign net operating loss carryforwards1	102,385	None
Federal tax credit carryforwards1	14,840	2037
State tax credit carryforwards	2,788	2032
Foreign tax credit carryforward	61	None

Schedule of Unrecognized Tax Benefits

A reconciliation of the gross beginning and ending balance of total unrecognized tax benefits is as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Balance, beginning of period	$	—	$	—	$	—
Additions for current year tax positions	—		—		1,813
Additions for prior year tax positions	—		—		4,356
Additions for current year acquisitions	—		—		2,536
Balance, end of period	$	—	$	—	$	8,705

Commitment and Contingencies (Tables)

12 Months Ended

Jan. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Commitments and Future Minimum Lease Payments

Purchase commitments and future minimum lease payments required under financing obligations as of January 31, 2025 is as follows:


Fiscal Year Ending January 31,	Purchase commitments		Financing obligations - leased facility
2026	$	88,090	$	4,653
2027	80,665		3,958
2028	74,152		—
2029	—		—
2030	—		—
Thereafter	—		—
Total	$	242,907	$	8,611
Residual financing obligations and assets			49,617
Less: amount representing interest			(5,376)
Financing obligations			$	52,852

Revolving Credit Facility	12 Months Ended
Revolving Credit Facility	Jan. 31, 2025
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility On February 11, 2022, the Company entered into a Credit Agreement (the “Credit Agreement”), by and among the Company, nCino OpCo (the “Borrower”), certain subsidiaries of the Company as guarantors, and Bank of America, N.A. as lender (the “Lender”), pursuant to which the Lender is providing to the Borrower a senior secured revolving credit facility of up to $50.0 million (the “2022 Credit Facility”). The Credit Facility includes borrowing capacity available for letters of credit subject to a sublimit of $7.5 million. Any issuance of letters of credit will reduce the amount available under the Credit Facility. The Company was also required to maintain at least $5.0 million of the Company's cash and/or marketable securities with the Lender which was considered restricted cash and was included in long-term prepaid expenses and other assets as of January 31, 2024. On February 9, 2024, the Company entered into a First Amendment to extend the existing maturity date of the 2022 Credit Facility provided for under the 2022 Credit Agreement to February 11, 2025. On March 17, 2024, the Company entered into the Second Amendment which increased our borrowing availability to $100.0 million and extended the existing maturity date of the 2022 Credit Facility to March 17, 2029. Borrowings under the 2022 Credit Facility accrued interest, at the Borrower’s option, at: (i) a base rate equal to the greatest of (a) the Lender’s “prime rate”, (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.3125%; or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.3125%, in each case with such margin subject to a step down based on achievement of a certain leverage ratio. The Company was also required to pay an unused commitment fee to the Lender of 0.30% of the average daily unutilized commitments (with a step down based on achievement of a certain leverage ratio). The Company was also required to pay customary letter of credit fees. On October 28, 2024, the Company terminated the 2022 Credit Agreement above and entered into a new Credit Agreement (the "2024 Credit Agreement"), by and among the Company, nCino OpCo, Inc. (the "Borrower"), certain subsidiaries of the Company as guarantors, the lenders party thereto (the "Lenders") and Bank of America, N.A. as administrative agent (the "Agent"). The 2024 Credit Agreement includes a senior secured revolving credit facility of up to $250.0 million (the "2024 Credit Facility") with a maturity date of October 28, 2029. The 2024 Credit Facility includes borrowing capacity available for letters of credit subject to a sublimit of $45.0 million. Any issuances of letters of credit will reduce the amount available under the 2024 Credit Facility. Borrowings under the 2024 Credit Facility bear interest, at the Borrower’s option, at: (i) a base rate equal to the greatest of (a) the Agent’s “prime rate”, (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.00%; or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.00%, in each case with such margin subject to step ups based on certain leverage ratios. The Company is also required to pay an unused commitment fee to the Lenders of 0.25% of the average daily unutilized commitments (with step ups based on certain leverage ratios). The Company must also pay customary letter of credit fees. The Company may repay amounts borrowed any time without penalty. Borrowings under the 2024 Credit Facility may be reborrowed. The 2024 Credit Agreement contains representations and warranties, affirmative, negative and financial covenants, and events of default that are customary for loans of this type. The financial covenants require the Company and its subsidiaries on a consolidated basis to maintain (i) a Consolidated Total Leverage Ratio not in excess of 4.00:1.00 as of the end of any fiscal quarter, and (ii) a Consolidated Interest Coverage Ratio not less than 3.00:1.00 as of the end of any fiscal quarter, commencing with the fiscal quarter ending January 31, 2025. The 2024 Credit Facility is guaranteed by the Company and each of its current and future material domestic subsidiaries (the “Guarantors”) and secured by substantially all of the personal property, subject to customary exceptions, of the Borrower and the Guarantors, in each case, now owned or later acquired, including a pledge of all of the Borrower’s capital stock, the capital stock of all of the Company’s domestic subsidiaries, and 65% of the capital stock of foreign subsidiaries that are directly owned by the Borrower or a Guarantor. As of January 31, 2024 and 2025, unamortized debt issuance costs were $0.0 million and $1.4 million, respectively, and are included in long-term prepaid expenses and other assets. The Company had $0.0 million and no letters of credit issued under the 2022 Credit Facility as of January 31, 2024. The Company had $166.0 million outstanding and no letters of credit issued under the 2024 Credit Facility and was in compliance with all covenants as of January 31, 2025. As of January 31, 2025, the applicable interest rate was 6.31%. The available borrowing capacity under the 2024 Credit Facility was $84.0 million as of January 31, 2025. In February 2025, the Company borrowed an additional $52.5 million on the 2024 Credit Facility to fund an acquisition and in March 2025, the Company repaid $50.0 million on the 2024 Credit Facility, see Note 20 "Subsequent Events" for additional information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 239,174	$ 190,715
Accumulated Amortization	(84,603)	(75,143)
Net Carrying Amount	$ 154,571	115,572
Weighted Average Remaining Useful Life (Years)	6 years 6 months
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 97,029	83,468
Accumulated Amortization	(49,819)	(38,010)
Net Carrying Amount	$ 47,210	45,458
Weighted Average Remaining Useful Life (Years)	2 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 139,315	91,704
Accumulated Amortization	(33,315)	(22,085)
Net Carrying Amount	$ 106,000	69,619
Weighted Average Remaining Useful Life (Years)	8 years 1 month 6 days
Trademarks and trade name
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,461	14,624
Accumulated Amortization	(615)	(14,624)
Net Carrying Amount	$ 846	0
Weighted Average Remaining Useful Life (Years)	8 months 12 days
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,369	919
Accumulated Amortization	(854)	(424)
Net Carrying Amount	$ 515	$ 495
Weighted Average Remaining Useful Life (Years)	2 years 3 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basic and Diluted Loss per Share

12 Months Ended

Jan. 31, 2025

Earnings Per Share [Abstract]

Basic and Diluted Loss per Share

Basic loss per share is computed by dividing net loss attributable to nCino, Inc. by the weighted-average number of common shares outstanding for the fiscal period. Diluted loss per share is computed by giving effect to all potential weighted average dilutive common stock, including stock options issued and outstanding, nonvested RSUs issued and outstanding, and shares issuable pursuant to the ESPP. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. Diluted loss per share for the fiscal years ended January 31, 2023, 2024, and 2025 is the same as the basic loss per share as there was a net loss for those periods, and inclusion of potentially issuable shares was anti-dilutive.

The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data):


	Fiscal Year Ended January 31,
	2023		2024		2025
Basic and diluted loss per share:
Numerator
Net loss attributable to nCino, Inc.	$	(102,720)	$	(42,346)	$	(37,878)
Denominator
Weighted-average common shares outstanding	110,615,734		112,672,397		115,162,175
Basic and diluted loss per share attributable to nCino, Inc.	$	(0.93)	$	(0.38)	$	(0.33)

The following potential outstanding common stock were excluded from the diluted loss per share computation because the effect would have been anti-dilutive:


	Fiscal Year Ended January 31,
	2023	2024	2025
Stock options issued and outstanding	2,009,323	1,212,704	811,602
Nonvested RSUs issued and outstanding	3,531,387	5,626,125	6,105,459
Shares issuable pursuant to the ESPP	21,079	105,227	106,440

Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Details) - shares	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	811,602	1,212,704	2,009,323
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	6,105,459	5,626,125	3,531,387
Employee Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount (in shares)	106,440	105,227	21,079

Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2023	Oct. 31, 2019	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment from redeemable non-controlling interest	$ 1,000		$ 0	$ 983	$ 0
nCino K.K
Schedule of Equity Method Investments [Line Items]
Payments to noncontrolling interests		$ 4,700
Consolidation, less than wholly owned subsidiary, parent ownership interest, changes, purchase of Interest by parent	$ 1,000
nCino K.K \| nCino K.K
Schedule of Equity Method Investments [Line Items]
Ownership percentage by parent	51.00%	51.00%

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 71,592	$ 58,035	$ 50,232
Share-based payment arrangement, expense, tax benefit	(200)
Cost of revenues \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,891	1,847	1,430
Cost of revenues \| Professional services and other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	11,977	9,369	7,263
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	17,016	15,417	13,283
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	17,416	15,942	11,602
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 22,292	$ 15,460	$ 16,654

Property and Equipment - Property and equipment, net (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 103,957	$ 104,337
Less accumulated depreciation	(29,004)	(25,192)
Property and equipment, net	74,953	79,145
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,712	12,066
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,193	8,010
Buildings and land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	56,379	56,379
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,046	27,712
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 627	$ 170

Defined Contribution Plan (Details) - USD ($) $ in Millions	12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan, employer discretionary contribution amount	$ 5.4	$ 3.3	$ 7.0

Stock-Based Compensation (Tables)

12 Months Ended

Jan. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity for the fiscal year ended January 31, 2025 was as follows:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In thousands)
Outstanding, January 31, 2024	1,212,704	$	7.14	3.21	$	29,516
Granted	—	—
Expired or forfeited	(1,375)	12.06
Exercised	(399,727)	6.96			10,890
Outstanding, January 31, 2025	811,602	$	7.22	2.27	$	21,742
Exercisable, January 31, 2025	811,602	$	7.22	2.27	$	21,742
Fully vested or expected to vest, January 31, 2025	811,602	$	7.22	2.27	$	21,742

Schedule of Nonvested Restricted Stock Units Activity

RSU activity during the fiscal year ended January 31, 2025 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2024	5,626,125	$	33.19
Granted	3,193,433	33.65
Vested	(1,745,202)	34.84
Forfeited	(968,897)	34.75
Nonvested, January 31, 2025	6,105,459	$	32.78

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions utilized for the ESPP shares for the fiscal years ended January 31, 2023, 2024, and 2025 were as follows:


	Fiscal Year Ended January 31,
	2023	2024	2025
Expected life (in years)	0.50	0.50	0.50
Expected volatility	49.65% - 84.59%	38.70% - 61.86%	38.70% - 40.74%
Expected dividends	0.00%	0.00%	0.00%
Risk-free interest rate	0.22% - 4.77%	4.77% - 5.53%	4.25% - 5.37%

Schedule of Share-Based Compensation Expense

Total stock-based compensation expense included in our consolidated statements of operations were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cost of subscription revenues	$	1,430	$	1,847	$	2,891
Cost of professional services and other revenues	7,263		9,369		11,977
Sales and marketing	13,283		15,417		17,016
Research and development	11,602		15,942		17,416
General and administrative	16,654		15,460		22,292
Total stock-based compensation expense1	$	50,232	$	58,035	$	71,592

Summary of Business and Significant Accounting Policies - Property, Plant and Equipment (Details)	Jan. 31, 2025
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Computers and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Buildings
Property, Plant and Equipment [Line Items]
Estimated Useful Life	40 years

Goodwill and Intangible Assets - Expected Future Amortization Expense (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 33,962
2027	31,907
2028	17,449
2029	17,349
2030	15,059
Thereafter	38,845
Net Carrying Amount	$ 154,571	$ 115,572

Revenues

12 Months Ended

Jan. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Disaggregation of Revenue

Disaggregated revenues by source and geographic region were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
United States
Subscriptions - non-mortgage	$	241,394	$	273,044	$	303,546
Subscriptions - mortgage	59,804		68,040		73,782
Professional services and other	45,296		46,117		47,104
Total United States	346,494		387,201		424,432
International
Subscriptions	43,554		68,395		91,840
Professional services and other	18,267		20,947		24,385
Total International	61,821		89,342		116,225
Total Revenue	$	408,315	$	476,543	$	540,657

Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer.

During the fourth quarter of fiscal year 2025, the Company changed the presentation of disaggregated revenues from a classification primarily based on geographic region to a classification to include sources by geographic region. The prior period presentation of disaggregated revenues has been reclassified to conform with the current period presentation.

Contract Amounts

Accounts Receivable

Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2024 and January 31, 2025:


	As of January 31,
	2024		2025
Trade accounts receivable	$	106,170	$	122,394
Unbilled accounts receivable	7,699		23,662
Allowance for doubtful accounts	(1,451)		(1,229)
Other accounts receivable	557		1,960
Total accounts receivable, net	$	112,975	$	146,787

Deferred Revenue and Remaining Performance Obligations

Significant movements in the deferred revenue balance during the period consisted of increases due to payments received or due in advance prior to the transfer of control of the underlying performance obligations to the customer and $8.3 million from acquisitions, which were offset by decreases due to revenues recognized in the period. During the fiscal year ended January 31, 2025, $170.5 million of revenues were recognized out of the deferred revenue balance as of January 31, 2024.

Transaction price allocated to remaining performance obligations represents contracted revenues that have not yet been recognized, which includes both deferred revenue and amounts that will be invoiced and recognized as revenues in future periods. Transaction price allocated to the remaining performance obligation is influenced by several factors, including the timing of renewals, average contract terms, and foreign currency exchange rates. The Company applies practical expedients to exclude amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights, and any estimated amounts of variable consideration that are subject to constraint.

Remaining performance obligations were $1.2 billion as of January 31, 2025. The Company expects to recognize approximately 67% of its remaining performance obligation as revenues in the next 24 months, approximately 27% more in the following 25 to 48 months, and the remainder thereafter.

Costs Capitalized to Obtain Revenue Contracts

During the fiscal years ended January 31, 2023, 2024, and 2025, the Company amortized $8.5 million, $9.9 million, and $12.0 million of capitalized contract acquisition costs within sales and marketing expense, respectively. The Company did not incur any impairment losses.

Capitalized contract acquisition costs were $28.0 million and $37.2 million as of January 31, 2024 and January 31, 2025, of which $17.4 million and $23.7 million was long-term in the consolidated balance sheets, respectively. The remaining balance of the capitalized costs to obtain contracts was current.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Leases [Abstract]
Operating lease expense	$ 5,575	$ 4,940	$ 4,066
Variable lease expense	2,581	1,979	1,276
Short-term lease expense	272	451	508
Sublease income	(382)	0	0
Total	$ 8,046	$ 7,370	$ 5,850

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value changes	$ 0	$ 0	$ 0
Impairment loss	$ 0	$ 0	$ 0

Income Taxes - Reconciliation of Effective Tax Rate to U.S. Federal Statutory Rate (Details)	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes at statutory rate of 21% for 2023, 2024, and 2025	21.00%	21.00%	21.00%
State income tax (provision) benefit, net of federal impact	1.60%	(2.70%)	(0.40%)
Tax credits	9.70%	23.90%	(0.00%)
Changes in valuation allowance	7.70%	(10.50%)	(21.60%)
Federal return to provision	1.30%	(19.70%)	(0.20%)
Foreign rate differential	1.20%	(1.70%)	0.50%
Other	(1.00%)	0.20%	(0.20%)
Stock-based compensation	(1.30%)	(1.00%)	0.10%
Nondeductible expenses	(1.30%)	(1.00%)	(0.20%)
Deferred adjustments	(1.50%)	0.00%	0.00%
Effects of non-US operations	(1.60%)	(0.50%)	(0.10%)
GILTI inclusion	(2.20%)	(6.80%)	(0.60%)
Transaction costs	(3.10%)	0.00%	(0.10%)
Executive compensation	(8.20%)	(5.00%)	(2.40%)
Uncertain tax positions	(15.20%)	0.00%	0.00%
Effective income tax rate reconciliation, percent	7.10%	(3.80%)	(4.20%)

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Revenues
Revenues	$ 540,657	$ 476,543	$ 408,315
Cost of revenues
Total cost of revenues	215,869	191,470	169,606
Gross profit	324,788	285,073	238,709
Operating expenses
Sales and marketing	123,231	130,547	127,669
Research and development	129,422	117,311	121,576
General and administrative	90,266	76,727	83,477
Total operating expenses	342,919	324,585	332,722
Loss from operations	(18,131)	(39,512)	(94,013)
Non-operating income (expense)
Interest income	1,761	2,567	403
Interest expense	(8,763)	(4,135)	(2,807)
Other expense, net	(10,427)	(856)	(1,356)
Loss before income taxes	(35,560)	(41,936)	(97,773)
Income tax provision (benefit)	(2,511)	1,590	4,071
Net loss	(33,049)	(43,526)	(101,844)
Net loss attributable to redeemable non-controlling interest (Note 2)	(472)	(1,109)	(1,119)
Adjustment attributable to redeemable non-controlling interest (Note 2)	5,301	(71)	1,995
Net loss attributable to nCino, Inc.	$ (37,878)	$ (42,346)	$ (102,720)
Net loss per share attributable to nCino, Inc.:
Basic (in USD per share)	$ (0.33)	$ (0.38)	$ (0.93)
Diluted (in USD per share)	$ (0.33)	$ (0.38)	$ (0.93)
Weighted average number of common shares outstanding:
Basic (in shares)	115,162,175	112,672,397	110,615,734
Diluted (in shares)	115,162,175	112,672,397	110,615,734
Subscription
Revenues
Revenues	$ 469,168	$ 409,479	$ 344,752
Cost of revenues
Total cost of revenues	134,932	120,861	106,265
Professional services and other
Revenues
Revenues	71,489	67,064	63,563
Cost of revenues
Total cost of revenues	$ 80,937	$ 70,609	$ 63,341

Summary of Business and Significant Accounting Policies - Summary of Uncollectible Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 1,451	$ 899	$ 151
Charged to bad debt expense	85	1,081	806
Charged to deferred revenue	0	747	0
Write-offs and other	(304)	(1,275)	(55)
Translation adjustments	(3)	(1)	(3)
Balance, end of period	$ 1,229	$ 1,451	$ 899

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jan. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The change in the carrying amounts of goodwill was as follows:


Balance, as of January 31, 2023	$	839,440


Translation adjustments	(571)
Balance, as of January 31, 2024	838,869
Acquisitions	186,375
Translation adjustments	(5,869)
Balance, as of January 31, 2025	$	1,019,375

Schedule of Finite-Lived Intangible Assets

Intangible assets, net are as follows:


	As of January 31, 2024						As of January 31, 2025
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Developed technology	$	83,468	$	(38,010)	$	45,458	$	97,029	$	(49,819)	$	47,210	2.9
Customer relationships	91,704		(22,085)		69,619		139,315		(33,315)		106,000		8.1
Trademarks and trade name	14,624		(14,624)		—		1,461		(615)		846		0.7
Other	919		(424)		495		1,369		(854)		515		2.3
	$	190,715	$	(75,143)	$	115,572	$	239,174	$	(84,603)	$	154,571	6.5

Schedule of Finite-lived Intangible Assets Amortization Expense

The Company recognized amortization expense for intangible assets as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cost of subscription revenues	$	17,019	$	16,306	$	17,784
Cost of professional services and other revenues	94		330		330
Sales and marketing	11,087		20,590		11,979

Total amortization expense	$	28,200	$	37,226	$	30,093

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization expense for intangible assets as of January 31, 2025 is as follows:


Fiscal Year Ending January 31,
2026	$	33,962
2027	31,907
2028	17,449
2029	17,349
2030	15,059
Thereafter	38,845
	$	154,571

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured At Fair Value (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2023	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 3,428	$ 3,589	$ 2,882
Investment from redeemable non-controlling interest	$ 1,000	0	983	0
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)		(472)	(1,109)	(1,119)
Foreign currency translation		7	13	(194)
Adjustment to redeemable non-controlling interest		5,301	(71)	1,995
Stock-based compensation expense		22	23	25
Ending balance		$ 8,286	$ 3,428	$ 3,589

Business Combinations - Narrative (Details) - USD ($) $ in Millions				1 Months Ended	12 Months Ended
	Nov. 05, 2024	Apr. 01, 2024	Mar. 20, 2024	Jul. 31, 2024	Jan. 31, 2025
Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Granted (in shares)					3,193,433
Award vesting period					4 years
DocFox
Business Acquisition [Line Items]
Payments to acquire businesses, post combination expense			$ 2.0
Transaction costs			3.9
Payments to acquire businesses, gross			74.3
Payments to acquire businesses, options settled			6.2
Payments to acquire businesses, consideration transferred			4.2
Total consideration			$ 72.4
DocFox \| Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Granted (in shares)			198,505
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, fair value			$ 6.1
Award vesting period			4 years
DocFox \| General and administrative
Business Acquisition [Line Items]
Transaction costs			$ 2.0
Integrated Lending Technologies, LLC
Business Acquisition [Line Items]
Transaction costs		$ 0.9
Payments to acquire businesses, gross		19.9
Business combination, provisional information, initial accounting incomplete, adjustment, consideration transferred				$ 0.1
Business acquisition, goodwill, expected tax deductible amount		$ 11.1
FullCircl
Business Acquisition [Line Items]
Transaction costs	$ 3.6
Payments to acquire businesses, gross	129.2
Total consideration	142.4
Business combination, contingent consideration, liability	15.0
Present value	$ 13.2
FullCircl \| Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Granted (in shares)	52,877
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, fair value	$ 2.0
Award vesting period	4 years

Income Taxes - Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (26,326)	$ (61,994)	$ (100,223)
Foreign	(9,234)	20,058	2,450
Loss before income taxes	$ (35,560)	$ (41,936)	$ (97,773)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Property and Equipment (Tables)

12 Months Ended

Jan. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The estimated useful lives by asset classification are generally as follows:


Asset Classification						Estimated Useful Life
Furniture and fixtures						3-7 years
Computers and equipment						3 years
Buildings						40 years
Leasehold improvements						Shorter of remaining life of the lease term or estimated useful life

Property and equipment, net consisted of the following:


	As of January 31,
	2024		2025
Furniture and fixtures	$	12,066	$	11,712
Computers and equipment	8,010		7,193
Buildings and land	56,379		56,379
Leasehold improvements	27,712		28,046
Construction in progress	170		627
	104,337		103,957
Less accumulated depreciation	(25,192)		(29,004)
	$	79,145	$	74,953

The Company recognized depreciation expense as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cost of subscription revenues	$	399	$	567	$	480
Cost of professional services and other revenues	1,301		1,775		1,313
Sales and marketing	1,452		1,734		1,291
Research and development	2,435		2,819		2,399
General and administrative	865		1,143		769
Total depreciation expense	$	6,452	$	8,038	$	6,252

Stock-Based Compensation - RSUs Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Number of Shares
Nonvested, beginning of period (in shares)	5,626,125
Granted (in shares)	3,193,433
Vested (in shares)	(1,745,202)
Forfeited (in shares)	(968,897)
Nonvested, end of period (in shares)	6,105,459	5,626,125
Weighted Average Grant Date Fair Value
Nonvested, beginning of period (in USD per share)	$ 33.19
Granted (in USD per share)	33.65	$ 25.65	$ 41.54
Vested (in USD per share)	34.84
Forfeited (in USD per share)	34.75
Nonvested, end of period (in USD per share)	$ 32.78	$ 33.19

Audit Information	12 Months Ended
Audit Information	Jan. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Raleigh, North Carolina
Auditor Firm ID	42

Related-Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2025	Nov. 01, 2022
Related Party Transaction [Line Items]
Equity securities without readily determinable fair value, amount		$ 2.5
Zest AI
Related Party Transaction [Line Items]
Ownership percentage by parent		10.00%
Zest AI \| Subsequent Event
Related Party Transaction [Line Items]
Realized investment gains	$ 1.2

Commitment and Contingencies - Purchase Commitments and Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Nov. 30, 2020
Purchase commitments
2026	$ 88,090
2027	80,665
2028	74,152
2029	0
2030	0
Thereafter	0
Total	242,907
Financing obligations - leased facility
2026	4,653
2027	3,958
2028	0
2029	0
2030	0
Thereafter	0
Total	8,611
Residual financing obligations and assets	49,617
Less: amount representing interest	(5,376)
Financing obligations	$ 52,852	$ 16,300

Income Taxes - Significant components of Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Deferred tax assets:
Net operating losses	$ 118,820	$ 115,187
Research and development	48,056	39,305
Tax credits	17,104	15,444
Financing obligations and lease liabilities	16,591	17,343
Equity compensation	11,108	9,085
Reserves and accruals	4,747	3,900
Other	1,587	1,613
Total deferred tax assets	218,013	201,877
Less valuation allowance	(160,289)	(148,270)
Total deferred tax assets, net of valuation allowances	57,724	53,607
Deferred tax liabilities:
Intangible assets	(38,429)	(26,216)
Depreciation	(13,522)	(15,066)
Contract acquisition costs	(9,254)	(7,112)
Lease asset	(4,048)	(4,453)
Deferred revenue	(121)	(310)
Total deferred tax liabilities	(65,374)	(53,157)
Net deferred tax assets		$ 450
Net deferred tax liabilities	$ (7,650)

Income Taxes - Net Deferred Tax Asset (Liability) (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Long-term prepaid expenses and other assets	$ 6,201	$ 4,137
Deferred income taxes, noncurrent	(13,851)	(3,687)
Net deferred tax assets		$ 450
Net deferred tax liabilities	$ (7,650)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Cash and cash equivalents	$ 120,928	$ 112,085
Allowance for doubtful accounts	1,229	1,451
Investments (related party $2,500 at January 31, 2024 and January 31, 2025)	$ 9,294	$ 9,294
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0005	$ 0.0005
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares, issued (in shares)	115,996,852	113,684,299
Common stock, shares outstanding (in shares)	115,996,852	113,684,299
Related Party
Investments (related party $2,500 at January 31, 2024 and January 31, 2025)	$ 2,500	$ 2,500
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	$ 2,254	$ 2,277

Leases (Tables)

12 Months Ended

Jan. 31, 2025

Leases [Abstract]

Schedule of Lease Cost

The components of lease expense were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Operating lease expense	$	4,066	$	4,940	$	5,575
Variable lease expense	1,276		1,979		2,581
Short-term lease expense	508		451		272
Sublease income	—		—		(382)
Total	$	5,850	$	7,370	$	8,046

Supplemental cash flow information related to operating leases were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,993	$	4,489	$	4,400
Operating right-of-use assets obtained in exchange for operating lease liabilities	2,050		13,152		3,349
Modification to reduce operating right-of-use assets and operating lease liabilities	842		—		—
Operating right-of-use assets and operating lease liabilities disposed of	—		115		1,995

Schedule of Future Minimum Lease Payments for Operating Lease

Future minimum lease payments as of January 31, 2025 were as follows:


Fiscal Year Ending January 31,	Operating Leases
2026	$	5,814
2027	4,847
2028	3,162
2029	1,700
2030	397
Thereafter	5,881
Total lease liabilities	21,801
Less: imputed interest	(3,829)
Total lease obligations	17,972
Less: current obligations	(5,153)
Long-term lease obligations	$	12,819

Summary of Business and Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2025

Accounting Policies [Abstract]

Activity in Allowance for Doubtful Accounts

A summary of activity in the allowance for doubtful accounts and reserve for expected credit losses is as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Balance, beginning of period	$	151	$	899	$	1,451
Charged to bad debt expense	806		1,081		85
Charged to deferred revenue	—		747		—
Write-offs and other	(55)		(1,275)		(304)
Translation adjustments	(3)		(1)		(3)
Balance, end of period	$	899	$	1,451	$	1,229

Property, Plant and Equipment

The estimated useful lives by asset classification are generally as follows:


Asset Classification						Estimated Useful Life
Furniture and fixtures						3-7 years
Computers and equipment						3 years
Buildings						40 years
Leasehold improvements						Shorter of remaining life of the lease term or estimated useful life

Property and equipment, net consisted of the following:


	As of January 31,
	2024		2025
Furniture and fixtures	$	12,066	$	11,712
Computers and equipment	8,010		7,193
Buildings and land	56,379		56,379
Leasehold improvements	27,712		28,046
Construction in progress	170		627
	104,337		103,957
Less accumulated depreciation	(25,192)		(29,004)
	$	79,145	$	74,953

The Company recognized depreciation expense as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cost of subscription revenues	$	399	$	567	$	480
Cost of professional services and other revenues	1,301		1,775		1,313
Sales and marketing	1,452		1,734		1,291
Research and development	2,435		2,819		2,399
General and administrative	865		1,143		769
Total depreciation expense	$	6,452	$	8,038	$	6,252

Variable Interest Entity and Redeemable Non-Controlling Interest

12 Months Ended

Jan. 31, 2025

Noncontrolling Interest [Abstract]

Variable Interest Entity and Redeemable Non-Controlling Interest

In October 2019, the Company entered into an agreement with Japan Cloud Computing, L.P. and M30 LLC (collectively, the “Investors”) to engage in the investment, organization, management, and operation of nCino K.K. that is

focused on the distribution of the Company’s products in Japan. In October 2019, the Company initially contributed $4.7 million in cash in exchange for 51% of the outstanding common stock of nCino K.K. In October 2023, the Company made a further investment in nCino K.K. of $1.0 million that, including additional investments in nCino K.K. of $1.0 million by existing third-party investors in October 2023, maintained the Company's ownership of 51%. As of January 31, 2025, the Company controls a majority of the outstanding common stock in nCino K.K.

All of the common stock held by the Investors is callable by the Company or puttable by the Investors at the option of the Investors or at the option of the Company beginning on the eighth anniversary of the agreement with the Investors. Should the call or put option be exercised, the redemption value would be determined based on a prescribed formula derived from the discrete revenues of nCino K.K. and the Company and may be settled, at the Company’s discretion, with Company stock or cash or a combination of the foregoing. As a result of the put right available to the Investors, the redeemable non-controlling interests in nCino K.K. are classified outside of permanent equity in the Company’s consolidated balance sheets.

The following table summarizes the activity in the redeemable non-controlling interests for the period indicated below:


	Fiscal Year Ended January 31,
	2023		2024		2025
Balance, beginning of period	$	2,882	$	3,589	$	3,428
Investment by redeemable non-controlling interest	—		983		—
Net loss attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest)	(1,119)		(1,109)		(472)
Foreign currency translation	(194)		13		7
Adjustment to redeemable non-controlling interest	1,995		(71)		5,301
Stock-based compensation expense1	25		23		22
Balance, end of period	$	3,589	$	3,428	$	8,286

1 nCino K.K. stock options granted in accordance with nCino K.K.'s equity incentive plan.

Summary of Business and Significant Accounting Policies

12 Months Ended

Jan. 31, 2025

Accounting Policies [Abstract]

Summary of Business and Significant Accounting Policies

Description of Business: nCino, Inc. and its wholly-owned subsidiaries, collectively the Company, is a software-as-a-service ("SaaS") company that provides software solutions to financial institutions to streamline employee and client interactions. The Company is headquartered in Wilmington, North Carolina and has various locations in the United States, North America, Europe, Asia Pacific and South Africa. Unless otherwise indicated or the context otherwise requires, references to “we,” “us,” “our,” “nCino,” and the “Company” refer to nCino, Inc. and its consolidated subsidiaries.

Fiscal Year End: The Company’s fiscal year ends on January 31. References to fiscal year 2025, for example, refer to the fiscal year ended January 31, 2025.

As of January 31, 2024 and January 31, 2025, no individual customer represented more than 10% of accounts receivable. For the fiscal years ended January 31, 2023, 2024, and 2025, no individual customer represented more than 10% of the Company’s total revenues.

The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenues when, or as, the Company satisfies a performance obligation.

Subscription Revenues

Professional Services and Other Revenues

Contracts with Multiple Performance Obligations

Costs Capitalized to Obtain Revenue Contracts

Judgments

Contracts with customers may include multiple services requiring allocation of the transaction price across the different performance obligations.

The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable, current market and economic conditions, and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. This estimate is analyzed quarterly and adjusted as necessary. The Company records the allowance against bad debt expense through the consolidated statements of operations, included in general and administrative expenses, up to the amount of revenues recognized to date. Any incremental allowance is recorded as an offset to deferred revenue on the consolidated balance sheets. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success.

A summary of activity in the allowance for doubtful accounts and reserve for expected credit losses is as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Balance, beginning of period	$	151	$	899	$	1,451
Charged to bad debt expense	806		1,081		85
Charged to deferred revenue	—		747		—
Write-offs and other	(55)		(1,275)		(304)
Translation adjustments	(3)		(1)		(3)
Balance, end of period	$	899	$	1,451	$	1,229

The Company does not recognize ROU assets or lease liabilities for leases with a term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term.


Asset Classification						Estimated Useful Life
Furniture and fixtures						3-7 years
Computers and equipment						3 years
Buildings						40 years
Leasehold improvements						Shorter of remaining life of the lease term or estimated useful life

Advertising: Advertising costs are expensed as incurred and consist of advertising, third-party marketing, branded marketing, and conference and event expenses. Advertising expenses are recorded in sales and marketing expenses in the consolidated statements of operations and were $8.7 million, $7.7 million, and $8.7 million for the fiscal years ended January 31, 2023, 2024, and 2025, respectively.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

When and if applicable, potential interest and penalties are accrued as incurred, within the income tax provision.

Business Combinations - Summary of Net Assets Acquired (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Nov. 05, 2024	Apr. 01, 2024	Mar. 20, 2024	Jan. 31, 2024	Jan. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 1,019,375				$ 838,869	$ 839,440
DocFox
Business Acquisition [Line Items]
Cash and cash equivalents				$ 1,400
Accounts receivable				1,898
Operating lease right-of-use assets, net				405
Other current and noncurrent assets				444
Intangible assets				24,600
Goodwill				57,329
Accounts payable, accrued expenses, and other liabilities, current and noncurrent				(3,495)
Deferred revenue, current and noncurrent				(3,505)
Operating lease liabilities, current and noncurrent				(405)
Deferred income taxes				(6,306)
Net assets acquired				$ 72,365
Integrated Lending Technologies, LLC
Business Acquisition [Line Items]
Cash and cash equivalents			$ 164
Accounts receivable			343
Intangible assets			8,660
Goodwill			11,111
Accounts payable, accrued expenses, and other liabilities, current and noncurrent			(240)
Net assets acquired			$ 20,038
FullCircl
Business Acquisition [Line Items]
Cash and cash equivalents		$ 3,182
Accounts receivable		1,814
Property and equipment, net		66
Operating lease right-of-use assets, net		198
Other current and noncurrent assets		211
Intangible assets		37,000
Goodwill		117,935
Accounts payable, accrued expenses, and other liabilities, current and noncurrent		(3,776)
Deferred revenue, current and noncurrent		(4,773)
Operating lease liabilities, current and noncurrent		(198)
Deferred income taxes		(9,250)
Net assets acquired		$ 142,409

Stockholders’ Equity

12 Months Ended

Jan. 31, 2025

Equity [Abstract]

Stockholders’ Equity

A summary of the rights and key provisions affecting each class of the Company’s stock as of January 31, 2025, is as follows:

Preferred Stock: The Board of Directors is authorized to establish one or more series of preferred stock and to fix the number of shares constituting such series and the designation of such series, including the voting powers, preferences, limitations, restrictions, and other special rights thereof. The Company's preferred stock consists of 10,000,000 authorized shares, par value $0.001 per share.

Common stock: The Company's common stock consists of 500,000,000 authorized shares, par value $0.0005 per share.

At January 31, 2025, the Company committed a total of 38,688,209 shares of common stock for future issuance as follows:


Issued and outstanding stock options			811,602
Nonvested issued and outstanding restricted stock units ("RSUs")			6,105,459
Possible issuance under stock plans			31,771,148
			38,688,209

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Provision (Benefit) for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Current:
Federal	$ 498	$ 0	$ 0
State	487	489	81
Foreign	3,622	3,441	2,363
Current income tax expense (benefit)	4,607	3,930	2,444
Deferred:
Federal	(2,870)	819	1,339
State	(1,200)	629	438
Foreign	(3,048)	(3,788)	(150)
Total	(7,118)	(2,340)	1,627
Total income tax provision (benefit)	$ (2,511)	$ 1,590	$ 4,071

Income Taxes

12 Months Ended

Jan. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes by domestic and foreign jurisdictions were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
United States	$	(100,223)	$	(61,994)	$	(26,326)
Foreign	2,450		20,058		(9,234)
Loss before income taxes	$	(97,773)	$	(41,936)	$	(35,560)

The components of the income tax provision (benefit) consisted of the following:


	Fiscal Year Ended January 31,
	2023		2024		2025
Current:
Federal	$	—	$	—	$	498
State	81		489		487
Foreign	2,363		3,441		3,622
Total	2,444		3,930		4,607
Deferred:
Federal	1,339		819		(2,870)
State	438		629		(1,200)
Foreign	(150)		(3,788)		(3,048)
Total	1,627		(2,340)		(7,118)
Total income tax provision (benefit)	$	4,071	$	1,590	$	(2,511)

The differences between income taxes expected at the U.S. federal statutory income tax rate and the reported income tax (provision) benefit are summarized as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Income taxes at statutory rate of 21% for 2023, 2024, and 2025	21.0	%	21.0	%	21.0	%
State income tax (provision) benefit, net of federal impact	(0.4)		(2.7)		1.6
Tax credits	0.0		23.9		9.7
Changes in valuation allowance	(21.6)		(10.5)		7.7
Federal return to provision	(0.2)		(19.7)		1.3
Foreign rate differential	0.5		(1.7)		1.2

Other	(0.2)		0.2		(1.0)
Stock-based compensation	0.1		(1.0)		(1.3)
Nondeductible expenses	(0.2)		(1.0)		(1.3)
Deferred adjustments	0.0		0.0		(1.5)
Effects of non-US operations	(0.1)		(0.5)		(1.6)
GILTI inclusion	(0.6)		(6.8)		(2.2)
Transaction costs	(0.1)		0.0		(3.1)
Executive compensation	(2.4)		(5.0)		(8.2)
Uncertain tax positions	0.0		0.0		(15.2)
	(4.2)	%	(3.8)	%	7.1	%

Significant components of the Company’s net deferred tax assets and liabilities were as follows:


	As of January 31,
	2024		2025
Deferred tax assets:
Net operating losses	$	115,187	$	118,820
Research and development	39,305		48,056
Tax credits	15,444		17,104
Financing obligations and lease liabilities	17,343		16,591
Equity compensation	9,085		11,108
Reserves and accruals	3,900		4,747




Other	1,613		1,587
Total deferred tax assets	201,877		218,013
Less valuation allowance	(148,270)		(160,289)
Total deferred tax assets, net of valuation allowances	53,607		57,724
Deferred tax liabilities:
Intangible assets	(26,216)		(38,429)
Depreciation	(15,066)		(13,522)
Contract acquisition costs	(7,112)		(9,254)
Lease asset	(4,453)		(4,048)

Deferred revenue	(310)		(121)
Total deferred tax liabilities	(53,157)		(65,374)
Net deferred tax liabilities	$	450	$	(7,650)

The Company’s net deferred tax liabilities were adjusted during fiscal 2025 to include $15.1 million of net deferred tax liabilities related to business combinations.

Net deferred tax liabilities were included in the consolidated balance sheets as follows:


	As of January 31,
	2024		2025
Long-term prepaid expenses and other assets	$	4,137	$	6,201
Deferred income taxes, noncurrent	(3,687)		(13,851)
Net deferred tax liabilities	$	450	$	(7,650)

Income taxes payable, which is included in accrued expenses and other current liabilities on the consolidated balance sheets as of January 31, 2024 and 2025 were $2.0 million and $1.2 million, respectively.

The Company continually assesses the realizability of its deferred tax assets based on an evaluative process that considers all available positive and negative evidence. The Company has established a valuation allowance in the amount of $148.3 million and $160.3 million as of January 31, 2024 and 2025, respectively, because the Company believes it is not more likely than not the deferred tax asset in jurisdictions excluding several foreign jurisdictions will be realized.

We continue to maintain a valuation allowance against our deferred tax assets in several jurisdictions, including the U.S. It is determined by management when a valuation allowance should be recorded, utilizing significant judgement and the use of estimates. In fiscal year 2025, the Company acquired DocFox and FullCircl. As part of the DocFox acquisition, the Company recorded a net U.S. deferred tax liability mostly related to identifiable intangible assets. The deferred tax liability

recognized provides additional positive evidence that a portion of the Company’s U.S. deferred tax assets are realizable. As a result, the Company reduced the historical valuation allowance in the U.S. by $3.6 million.

For the fiscal years ended January 31, 2023, 2024, and 2025, the valuation allowance increased by $29.3 million, $9.9 million, and $12.0 million, respectively.

The Company maintains its assertion of the Company’s intent for certain foreign earnings to be indefinitely reinvested. As of January 31, 2025, the Company has not recorded taxes on approximately $26.7 million of cumulative undistributed earnings of the Company’s non-U.S. subsidiaries. The Company generally does not provide for taxes related to the Company’s undistributed earnings because such earnings either would not be taxable when remitted or they are indefinitely reinvested. If in the foreseeable future, the Company can no longer demonstrate that these earnings are indefinitely reinvested, a tax liability will be recognized, which could include other taxes such as withholding tax. The determination of the amount of the unrecognized tax liability is directly influenced by the Company’s net operating loss and valuation allowance position in the U.S. If the Company were to repatriate the undistributed earnings, the tax liability is $1.2 million.

The net operating loss and tax credit carryforwards as of January 31, 2025 were as follows:


	As of January 31, 2025	First Fiscal Year Expiring

Federal net operating loss carryforwards1	354,217	None
State net operating loss carryforwards1	254,212	2030
State net operating loss carryforwards1	81,394	None
Foreign net operating loss carryforwards	8,790	2031
Foreign net operating loss carryforwards1	102,385	None
Federal tax credit carryforwards1	14,840	2037
State tax credit carryforwards	2,788	2032
Foreign tax credit carryforward	61	None

1The Company acquired a portion of these carryforwards through mergers and acquisitions. These acquired carryforwards will be subject to limitations which could limit the Company's utilization in future periods.

In 2021, the Organization of Economic Cooperation and Development introduced its Pillar Two Framework Model Rules ("Pillar 2"). The Company is under the revenue threshold where Pillar 2 would not apply and is not subject to tax under these rules. The Company will continue to monitor and reflect the impact of such legislative changes in future financial statements as appropriate.

A reconciliation of the gross beginning and ending balance of total unrecognized tax benefits is as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Balance, beginning of period	$	—	$	—	$	—
Additions for current year tax positions	—		—		1,813
Additions for prior year tax positions	—		—		4,356
Additions for current year acquisitions	—		—		2,536
Balance, end of period	$	—	$	—	$	8,705

As of January 31, 2025 gross unrecognized tax benefits related to uncertain tax positions were $8.7 million. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate would be $3.7 million for the year ended January 31, 2025.

The Company's policy for classifying interest and penalties with unrecognized tax benefits is to include such items in income tax expense. The total amount of interest and penalties associated with income tax benefits is $2.0 million for the year ended January 31, 2025. The Company anticipates insignificant change to unrecognized tax benefits over the next year.

The Company is subject to taxation in the U.S. federal and various state and foreign jurisdictions. As of January 31, 2025 the Company is no longer subject to U.S. federal and state examinations by tax authorities for tax years prior to 2021. However, amounts reported as net operating losses and tax credit carryforwards from these tax periods remain subject to review by most tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities
Net loss attributable to nCino, Inc.	$ (37,878)	$ (42,346)	$ (102,720)
Net loss and adjustment attributable to redeemable non-controlling interest	4,829	(1,180)	876
Net loss	(33,049)	(43,526)	(101,844)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	36,345	45,264	34,652
Non-cash operating lease costs	4,960	4,534	3,840
Amortization of costs capitalized to obtain revenue contracts	12,003	9,934	8,459
Amortization of debt issuance costs	131	184	177
Stock-based compensation	71,592	58,035	50,232
Deferred income taxes	(7,118)	(2,340)	1,627
Provision for bad debt	85	1,081	806
Net foreign currency losses	8,675	670	1,548
Unrealized gain on investment	0	(263)	0
Loss on disposal of long-lived assets	35	150	0
Change in operating assets and liabilities:
Accounts receivable	(31,389)	(14,325)	(26,795)
Costs capitalized to obtain revenue contracts	(21,453)	(10,348)	(12,235)
Prepaid expenses and other assets	(7,060)	1,872	(3,433)
Accounts payable	(190)	525	35
Accrued expenses and other current liabilities	10,165	(5,981)	(1,210)
Deferred revenue	13,807	15,902	33,527
Operating lease liabilities	(3,785)	(4,083)	(4,767)
Other long-term liabilities	1,445	0	0
Net cash provided by (used in) operating activities	55,199	57,285	(15,381)
Cash flows from investing activities
Acquisition of business, net of cash acquired	(216,911)	0	676
Acquisition of assets	(450)	(356)	(563)
Purchases of property and equipment	(1,816)	(3,515)	(18,338)
Proceeds from sale of property and equipment	0	43	0
Purchase of investments (related party $2,500, $0, and $0, respectively)	0	(2,500)	(2,500)
Net cash used in investing activities	(219,177)	(6,328)	(20,725)
Cash flows from financing activities
Investment from redeemable non-controlling interest	0	983	0
Proceeds from borrowings on revolving credit facility	241,000	0	50,000
Payments on revolving credit facility	(75,000)	(30,000)	(20,000)
Payments of debt issuance costs	(1,484)	0	(367)
Exercise of stock options	2,796	4,469	3,750
Stock issuance under the employee stock purchase plan	4,468	4,661	4,450
Principal payments on financing obligations	(1,302)	(1,226)	(1,121)
Net cash provided by (used in) financing activities	170,478	(21,113)	36,712
Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash	(2,677)	182	(1,587)
Net increase (decrease) in cash, cash equivalents, and restricted cash	3,823	30,026	(981)
Cash, cash equivalents, and restricted cash, beginning of period	117,444	87,418	88,399
Cash, cash equivalents, and restricted cash, end of period	121,267	117,444	87,418
Reconciliation of cash, cash equivalents, and restricted cash, end of period:
Cash and cash equivalents	120,928	112,085	82,036
Restricted cash included in long-term prepaid expenses and other assets	339	5,359	5,382
Total cash, cash equivalents, and restricted cash, end of period	121,267	117,444	87,418
Supplemental disclosure of cash flow information
Cash paid for taxes, net of refunds	3,565	3,165	664
Cash paid for interest	8,745	4,315	2,617
Supplemental disclosure of noncash investing and financing activities
Building-leased facility acquired through financing obligation	0	0	22,402
Accrued purchase price related to acquisitions	13,155	0	356
Measurement period adjustment relating to business acquisition	$ 0	$ 0	$ 1,285

Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 6,252	$ 8,038	$ 6,452
Sales and marketing
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	1,291	1,734	1,452
Research and development
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	2,399	2,819	2,435
General and administrative
Property, Plant and Equipment [Line Items]
Depreciation, nonproduction	769	1,143	865
Subscription
Property, Plant and Equipment [Line Items]
Cost of revenues	480	567	399
Professional services and other
Property, Plant and Equipment [Line Items]
Cost of revenues	$ 1,313	$ 1,775	$ 1,301

Segment Information - Geographic Concentration of Long-lived assets (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Geographic concentration of assets
Long-lived assets	$ 90,979	$ 98,406
United States
Geographic concentration of assets
Long-lived assets	79,115	84,136
United Kingdom
Geographic concentration of assets
Long-lived assets	9,760	12,446
Other
Geographic concentration of assets
Long-lived assets	$ 2,104	$ 1,824

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Nov. 30, 2022	Sep. 30, 2021	Nov. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Financing obligations	$ 52,852			$ 16,300
Finance lease, right-of-use asset, before accumulated amortization				$ 16,300
Construction payable			$ 17,700
Construction in progress, gross		$ 22,400	$ 17,700
Construction payable, estimated liability		$ 22,400
Finance lease, weighted average discount rate, percent	5.70%

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning of year (in shares) at Jan. 31, 2022		109,778,542
Balance, beginning of year at Jan. 31, 2022	$ 1,067,625	$ 55	$ 1,277,258	$ (72)	$ (209,616)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		579,662
Exercise of stock options	3,750	$ 1	3,749
Stock issuance upon vesting of restricted stock units (in shares)		883,561
Stock issuance under the employee stock purchase plan (in shares)		182,367
Stock issuance under the employee stock purchase plan	4,450		4,450
Stock-based compensation	50,207		50,207
Other comprehensive income (loss)	766			766
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(102,720)		(1,995)		(100,725)
Balance, end of year (in shares) at Jan. 31, 2023		111,424,132
Balance, end of year at Jan. 31, 2023	1,024,078	$ 56	1,333,669	694	(310,341)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		785,794
Exercise of stock options	4,469	$ 1	4,468
Stock issuance upon vesting of restricted stock units (in shares)		1,277,625
Stock issuance under the employee stock purchase plan (in shares)		196,748
Stock issuance under the employee stock purchase plan	4,661		4,661
Stock-based compensation	58,012		58,012
Other comprehensive income (loss)	302			302
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(42,346)		71		(42,417)
Balance, end of year (in shares) at Jan. 31, 2024		113,684,299
Balance, end of year at Jan. 31, 2024	$ 1,049,176	$ 57	1,400,881	996	(352,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	399,727	399,727
Exercise of stock options	$ 2,796		2,796
Stock issuance upon vesting of restricted stock units (in shares)		1,745,202
Stock issuance upon vesting of restricted stock units	0	$ 1	(1)
Stock issuance under the employee stock purchase plan (in shares)		167,624
Stock issuance under the employee stock purchase plan	4,468		4,468
Stock-based compensation	71,570		71,570
Other comprehensive income (loss)	(820)			(820)
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest	(37,878)		(5,301)		(32,577)
Balance, end of year (in shares) at Jan. 31, 2025		115,996,852
Balance, end of year at Jan. 31, 2025	$ 1,089,312	$ 58	$ 1,474,413	$ 176	$ (385,335)

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 30,093	$ 37,226	$ 28,200
Cost of subscription revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	17,784	16,306	17,019
Cost of professional services and other revenues
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	330	330	94
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 11,979	$ 20,590	$ 11,087

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jan. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jan. 31, 2025 shares
Officer Trading Arrangement [Member]
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Officer Trading Arrangement [Member] \| April Rieger [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 6, 2024, April Rieger, Chief Legal & Compliance Officer and Secretary, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 24,665 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 5, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	April Rieger
Title	Chief Legal & Compliance Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	December 5, 2025
Arrangement Duration	364 days
Aggregate Available	24,665
Officer Trading Arrangement [Member] \| Jeanette Sellers [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 6, 2024, Jeanette Sellers, VP of Accounting, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 7,815 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until May 30, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Jeanette Sellers
Title	VP of Accounting
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 6, 2024
Expiration Date	May 30, 2025
Arrangement Duration	175 days
Aggregate Available	7,815
Officer Trading Arrangement [Member] \| Sean Desmond [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 7, 2024, Sean Desmond, President & Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 153,123 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 31, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Sean Desmond
Title	President & Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 7, 2024
Expiration Date	December 31, 2025
Arrangement Duration	389 days
Aggregate Available	153,123
Officer Trading Arrangement [Member] \| Pierre Naudé [Member]
Trading Arrangements, by Individual
Name	Pierre Naudé
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 16, 2024
Expiration Date	December 15, 2025
Aggregate Available	102,815
Director Trading Arrangement [Member]
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Director Trading Arrangement [Member] \| Pierre Naudé [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 16, 2024, Pierre Naudé, Director, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 102,815 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until December 15, 2025, or earlier if all transactions under the trading arrangement are completed.
Arrangement Duration	364 days

Reseller Agreement	12 Months Ended
Reseller Agreement	Jan. 31, 2025
Related Party Transactions [Abstract]
Reseller Agreement	Reseller Agreement The Company has a reseller agreement in place with our largest vendor to utilize their platform and to develop the Company’s cloud-based banking software as an application within their hosted environment. This agreement was amended during fiscal 2024 extending its term through January 31, 2031, and will automatically renew in annual increments thereafter unless either party gives notice of non-renewal before the end of the initial term or the respective renewal term.

Revenues - Narrative (Details) - USD ($)	12 Months Ended
Revenues - Narrative (Details) - USD ($)	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Contract with customer, liability, decrease from acquisitions	$ 8,300,000
Contract with customer, liability, revenue recognized	170,500,000
Remaining performance obligation amount	1,200,000,000
Amortization of costs capitalized to obtain revenue contracts	12,003,000	$ 9,934,000	$ 8,459,000
Capitalized contract cost, impairment loss	0
Capitalized contract cost, net	37,200,000	28,000,000.0
Costs capitalized to obtain revenue contracts, noncurrent, net	23,735,000	17,425,000
Sales and marketing
Disaggregation of Revenue [Line Items]
Amortization of costs capitalized to obtain revenue contracts	$ 12,000,000.0	$ 9,900,000	$ 8,500,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	67.00%
Remaining performance obligation, expected timing of satisfaction	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation percentage	27.00%
Minimum
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	30 days
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	25 months
Maximum
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	45 days
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-02-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, expected timing of satisfaction	48 months

Restructuring - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
Restructuring - Narrative (Details) - USD ($)	Jan. 18, 2023	Jan. 31, 2023	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated, period percent	7.00%
Payments for restructuring		$ 800,000
Restructuring incurred cost statement of income or comprehensive income extensible enumeration not disclosed flag		incurred charges
Restructuring and related cost, incurred cost		$ 4,800,000
Restructuring charges			$ 0	$ 627,000	$ 4,807,000
Severance and other employee costs
Restructuring Cost and Reserve [Line Items]
Restructuring reserve				5,000,000.0
Restructuring charges				$ 0	$ 4,963,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenues - Revenue By Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 540,657	$ 476,543	$ 408,315
Subscription
Disaggregation of Revenue [Line Items]
Total Revenue	469,168	409,479	344,752
Professional services and other
Disaggregation of Revenue [Line Items]
Total Revenue	71,489	67,064	63,563
United States
Disaggregation of Revenue [Line Items]
Total Revenue	424,432	387,201	346,494
United States \| Subscriptions - non-mortgage
Disaggregation of Revenue [Line Items]
Total Revenue	303,546	273,044	241,394
United States \| Subscriptions - mortgage
Disaggregation of Revenue [Line Items]
Total Revenue	73,782	68,040	59,804
United States \| Professional services and other
Disaggregation of Revenue [Line Items]
Total Revenue	47,104	46,117	45,296
International
Disaggregation of Revenue [Line Items]
Total Revenue	116,225	89,342	61,821
International \| Subscription
Disaggregation of Revenue [Line Items]
Total Revenue	91,840	68,395	43,554
International \| Professional services and other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 24,385	$ 20,947	$ 18,267

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Leases

12 Months Ended

Jan. 31, 2025

Leases [Abstract]

Leases

Operating Leases

The Company leases its facilities and a portion of its equipment under various non-cancellable agreements, which expire at various times through December 2033, some of which include options to extend for up to five years.

The components of lease expense were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Operating lease expense	$	4,066	$	4,940	$	5,575
Variable lease expense	1,276		1,979		2,581
Short-term lease expense	508		451		272
Sublease income	—		—		(382)
Total	$	5,850	$	7,370	$	8,046

Supplemental cash flow information related to operating leases were as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	4,993	$	4,489	$	4,400
Operating right-of-use assets obtained in exchange for operating lease liabilities	2,050		13,152		3,349
Modification to reduce operating right-of-use assets and operating lease liabilities	842		—		—
Operating right-of-use assets and operating lease liabilities disposed of	—		115		1,995

The weighted-average remaining lease term and weighted-average discount rate for the Company's operating lease liabilities as of January 31, 2025 were 5.77 years and 6.9%, respectively.

Future minimum lease payments as of January 31, 2025 were as follows:


Fiscal Year Ending January 31,	Operating Leases
2026	$	5,814
2027	4,847
2028	3,162
2029	1,700
2030	397
Thereafter	5,881
Total lease liabilities	21,801
Less: imputed interest	(3,829)
Total lease obligations	17,972
Less: current obligations	(5,153)
Long-term lease obligations	$	12,819

Restructuring (Tables)

12 Months Ended

Jan. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

The Company’s restructuring charges were as follows:


	Fiscal Year Ended January 31,
	2023								2024
	Severance and other employee costs		Stock-based compensation (benefit)		Lease exit fees1		Total		Severance and other employee costs		Stock-based compensation (benefit)		Lease exit fees1		Total
Cost of subscription revenues	$	—	$	—	$	4	$	4	$	—	$	—	$	51	$	51
Cost of professional services and other revenues	324		(9)		9		324		—		—		118		118
Sales and marketing	1,324		(31)		9		1,302		—		—		100		100
Research and development	2,105		(141)		30		1,994		—		—		352		352
General and administrative	1,210		(29)		2		1,183		—		—		6		6
Total	$	4,963	$	(210)	$	54	$	4,807	$	—	$	—	$	627	$	627

1These expenses reduced operating lease right-of-use assets on the consolidated balance sheets.

Stock-Based Compensation - Stock Option Valuation Assumptions (Details) - Employee Stock	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	6 months	6 months	6 months
Expected volatility, minimum	38.70%	38.70%	49.65%
Expected volatility, maximum	40.74%	61.86%	84.59%
Expected dividends	0.00%	0.00%	0.00%
Risk-free interest rate, minimum	4.25%	4.77%	0.22%
Risk-free interest rate, maximum	5.37%	5.53%	4.77%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Purchase of investments	$ 0	$ 2,500	$ 2,500
Affiliated Entity
Purchase of investments	$ 0	$ 0	$ 2,500

Goodwill and Intangible Assets

12 Months Ended

Jan. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The change in the carrying amounts of goodwill was as follows:


Balance, as of January 31, 2023	$	839,440


Translation adjustments	(571)
Balance, as of January 31, 2024	838,869
Acquisitions	186,375
Translation adjustments	(5,869)
Balance, as of January 31, 2025	$	1,019,375

Intangible assets

Intangible assets, net are as follows:


	As of January 31, 2024						As of January 31, 2025
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Useful Life (Years)
Developed technology	$	83,468	$	(38,010)	$	45,458	$	97,029	$	(49,819)	$	47,210	2.9
Customer relationships	91,704		(22,085)		69,619		139,315		(33,315)		106,000		8.1
Trademarks and trade name	14,624		(14,624)		—		1,461		(615)		846		0.7
Other	919		(424)		495		1,369		(854)		515		2.3
	$	190,715	$	(75,143)	$	115,572	$	239,174	$	(84,603)	$	154,571	6.5

During the fiscal year ended January 31, 2025, the Company wrote off approximately $20.6 million of fully amortized intangible assets and the corresponding accumulated amortization.

The Company recognized amortization expense for intangible assets as follows:


	Fiscal Year Ended January 31,
	2023		2024		2025
Cost of subscription revenues	$	17,019	$	16,306	$	17,784
Cost of professional services and other revenues	94		330		330
Sales and marketing	11,087		20,590		11,979

Total amortization expense	$	28,200	$	37,226	$	30,093

During the third quarter of fiscal 2024, the Company rebranded the SimpleNexus solution to nCino Mortgage, resulting in a change to the trade name useful life. As a result, the Company recorded accelerated amortization to fully amortize the remaining trade name intangible asset in fiscal 2024.

The expected future amortization expense for intangible assets as of January 31, 2025 is as follows:


Fiscal Year Ending January 31,
2026	$	33,962
2027	31,907
2028	17,449
2029	17,349
2030	15,059
Thereafter	38,845
	$	154,571

The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, future changes to expected asset lives of intangible assets, and other events.

Business Combinations - Components of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Nov. 05, 2024	Apr. 01, 2024	Mar. 20, 2024
DocFox
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value			$ 24,600
DocFox \| Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value			$ 200
Useful Life			1 year
DocFox \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value			$ 16,400
Useful Life			10 years
DocFox \| Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value			$ 8,000
Useful Life			5 years
Integrated Lending Technologies, LLC
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 8,660
Integrated Lending Technologies, LLC \| Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 210
Useful Life		1 year
Integrated Lending Technologies, LLC \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 5,870
Useful Life		10 years
Integrated Lending Technologies, LLC \| Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value		$ 2,580
Useful Life		5 years
FullCircl
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 37,000
FullCircl \| Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,100
Useful Life	1 year
FullCircl \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 26,500
Useful Life	10 years
FullCircl \| Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 9,400
Useful Life	5 years

Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 17,104	$ 15,444
Domestic Tax Jurisdiction
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, not subject to expiration	354,217
Tax credit carryforwards	14,840
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, not subject to expiration	81,394
Operating loss carryforwards	254,212
Tax credit carryforwards	2,788
Foreign Tax Jurisdiction
Tax Credit Carryforward [Line Items]
Operating loss carryforwards, not subject to expiration	102,385
Operating loss carryforwards	8,790
Tax credit carryforwards	$ 61

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024
Leases [Abstract]
2026	$ 5,814
2027	4,847
2028	3,162
2029	1,700
2030	397
Thereafter	5,881
Total lease liabilities	21,801
Less: imputed interest	(3,829)
Total lease obligations	17,972
Less: current obligations	(5,153)	$ (3,649)
Long-term lease obligations	$ 12,819	$ 16,423

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	12 Months Ended
	Jan. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets, writeoff	$ 20.6

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Pay vs Performance Disclosure
Net loss attributable to nCino, Inc.	$ (37,878)	$ (42,346)	$ (102,720)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Feb. 28, 2025	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2023
Subsequent Event [Line Items]
Payments on revolving credit facility			$ 75,000	$ 30,000	$ 20,000
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Amount of stock repurchase plan authorized	$ 100,000
Subsequent Event \| Letter of Credit \| Line of Credit
Subsequent Event [Line Items]
Payments on revolving credit facility	$ 50,000
Sandbox Banking \| Subsequent Event
Subsequent Event [Line Items]
Business combination, aggregate purchase price		$ 52,500
Additional earn-out		$ 10,000