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NoneFor years, tech enthusiasts and Apple aficionados have eagerly anticipated the arrival of Apple’s augmented reality (AR) smart glasses. These glasses, it was rumored, would seamlessly blend the digital world with our own, offering a revolutionary way to interact with information and our surroundings. However, recent reports suggest that these highly anticipated glasses may be further away than we hoped. What’s the holdup? According to reliable sources like Bloomberg’s Mark Gurman, Apple is facing significant technological hurdles in developing AR glasses that meet their high standards. These challenges include miniaturizing components, extending battery life, and creating high-resolution displays – all while maintaining a sleek, comfortable design. Essentially, cramming the power of an iPhone into a lightweight pair of glasses is proving to be a herculean task. While Apple has remained tight-lipped about the project, the indefinite postponement suggests that the company is prioritizing other ventures, such as the recently released Vision Pro headset. This powerful device offers a glimpse into Apple’s AR ambitions, but its bulky form factor and hefty price tag make it a far cry from the sleek, everyday glasses that many envisioned. The AR landscape: Apple isn’t alone in the race to develop AR glasses. Companies like Meta and Snap have already showcased their own prototypes, albeit with limited functionality and availability. However, these early efforts highlight the immense challenges in creating consumer-ready AR glasses that are both functional and fashionable. My Take: As a tech enthusiast who has closely followed Apple’s every move for years, I can’t help but feel a tinge of disappointment. I remember the excitement surrounding the initial rumors, the anticipation of a product that could fundamentally change how we interact with technology. However, I also understand Apple’s commitment to delivering polished, refined products. Rushing a product to market just to meet expectations could backfire, potentially damaging Apple’s reputation for innovation. The Challenges of Miniaturization One of the biggest hurdles in developing AR glasses is miniaturization. To create a truly wearable and comfortable device, Apple needs to pack a powerful processor, high-resolution displays, sensors, and a long-lasting battery into a frame no larger than a regular pair of glasses. This requires significant advancements in battery technology , chip design, and display technology. The Vision Pro Detour The release of the Vision Pro headset earlier this year suggests that Apple may be shifting its focus away from AR glasses, at least temporarily. The Vision Pro, while impressive in its capabilities, is a bulky and expensive device that is more akin to VR headsets than the sleek AR glasses we’ve been anticipating. Some experts believe that Apple is using the Vision Pro as a testing ground for AR technology, refining the software and user interface before attempting to miniaturize it for glasses. This approach makes sense, as it allows Apple to gather valuable user feedback and perfect the AR experience before committing to a smaller form factor. The Competitive Landscape While Apple grapples with these challenges, its competitors are forging ahead with their own AR glasses projects. Meta, for instance, has partnered with Ray-Ban to release Stories glasses, which allow users to capture photos and videos, listen to music, and make calls. Snap has also showcased its Spectacles AR glasses, which overlay digital content onto the real world. However, these early iterations of AR glasses are still far from the seamless, immersive experience that Apple is reportedly aiming for. They often have limited functionality, short battery life, and bulky designs. This gives Apple an opportunity to leapfrog the competition with a truly revolutionary product, but it also adds pressure to deliver a device that exceeds expectations. What Does the Future Hold? Despite the delays and challenges, it’s unlikely that Apple has given up on its AR glasses ambitions entirely. The company has invested heavily in AR technology, and it clearly sees it as a key part of its future. However, it’s clear that we won’t be seeing Apple’s AR glasses anytime soon. Experts predict that it could be several years, perhaps even a decade, before the technology matures enough to meet Apple’s stringent standards. In the meantime, we can expect to see incremental advancements in AR technology, both from Apple and its competitors. The Vision Pro headset is likely just the first step in a long journey towards a future where AR is seamlessly integrated into our everyday lives. My Thoughts: While the delay is disappointing, I remain optimistic about the future of Apple’s AR glasses. Apple has a history of taking its time to perfect new technologies, and I believe that when they finally do release their AR glasses, they will be a game-changer. Until then, I’ll be eagerly following the developments in this exciting field, hoping for a glimpse of the future that Apple has in store for us.
AP Business SummaryBrief at 7:14 a.m. EST
Gerry Dulac: Steelers defense failed to close out a win — againPublished 1:01 pm Monday, December 16, 2024 By Jim Gazzolo Matt Viator has capped off his coaching staff with a pair of familiar faces. Monday, Viator, who returns as head football coach at McNeese State after a nine-year absence, announced the final two staff members. After keeping a good percentage of the previous group, Viator selected a couple of his former Cowboy players to complete his hiring. Viator picked former McNeese quarterback Tyler Bolfing from Kansas as his offensive coordinator/quarterbacks coach and Terence Cahee, the head coach at Wossman High School, to work with linebackers. Bolfing spent last season as the Jayhawks offensive analyst, while Cahlee was the top guy at Wossman over the previous three seasons. Both are graduates of McNeese and also began their coaching careers under Viator. Cahlee will also serve as the assistant special teams coach. “I wanted to go coach in college, but then I got here, and it was like, ‘Man, I’m OK,” Cahee told the Quachita Citizen. “I ended up going back and forth with (Viator), and we’ve been to war and we’ve been to war together. He understands who I am and what I bring to the table.” Before Wossman, Cahee was the defensive coordinator at Lake Charles College Prep for four seasons. Cahee played safety for Viator from 2009-12, spending the last season as Bolfing’s teammate. As a player for the Cowboys, he was a two-time All-Southland Conference defensive back, earned All-American honors in 2012, and was named the McNeese MVP in 2012. He was the quality control coach for defense at McNeese in 2015. Bolfing played for Viator at McNeese from 2012-14 and began his coaching career as a student assistant the following season. In 2015, he was part of the staff that led McNeese to a 10-0 regular season and its last Southland Conference championship. Bolfing worked as a graduate assistant under Viator at Louisiana-Monroe from 2016-17, working mainly with quarterbacks and receivers. He then returned to McNeese in 2018, coaching the tight ends. He returned to Monroe for two seasons, first coaching tight ends and special teams in 2019 and then quarterbacks the following year. He spent three years at Baylor as a quality control coach on offense before going to Kansas last January. Bolfing holds degrees from McNeese State (2015) and ULM (2017). He is married to the former Lakeyn Fontenot, a three-year letter winner in softball at McNeese from 2013-15. McNeese Football Coach Staff: Head Coach: Matt Viator Offensive Coordinator/Quarterbacks: Tyler Bolfing Co-Offensive Coordinator/Offensive Line: Kyle Segler Running Backs: Thomas Reese Wide Receivers: Michael Smith Tight Ends: Mason Martin Offensive Analyst: Kiefer Price Defensive Coordinator/Linebackers: Tony Pecoraro Co-Defensive Coordinator/Safeties: Josh Brown Defensive Line: Chris Gistorb Cornerbacks: Jordan Lee Linebackers: Terence Cahee Defensive Analyst: Chris St. John Director of Equipment Operations: Matt Saucier Director of Football Technology: Raymond Donovan
NoneFormer Ukrainian President Petro Poroshenko, now leader of the opposition European Solidarity Party, sat down with Voice of America during a visit to Washington to attend the annual forum of the International Democracy Union, an alliance of center-right political parties. While in the U.S. capital, Poroshenko met with Biden administration officials and members of the incoming Trump administration to share his assessment of the situation Ukraine is facing more than two and a half years after Russia launched its full-scale invasion, and his vision of how to end the conflict. The following interview has been edited for brevity and clarity. VOA: How would you describe the situation on the front lines in Ukraine? Petro Poroshenko, former Ukrainian president: Every week, I travel to the front lines to deliver needed equipment and armaments. Russia is increasing its pressure. Russia has more sophisticated weapons than even half a year [ago]. Ukrainian soldiers are tired because some have served for over two and a half years, but they still wouldn't allow Russians to break through the Ukrainian positions. At the moment, we shouldn't think about offensive operations but [how] to strengthen fortifications. I appreciate the decision of the United States government to give us anti-infantry mines. Having three, four, five kilometers of a minefield is an excellent response to the new tactics of Russia, which is penetrating Ukrainian positions with small groups of five to 12 persons with the support of Russian artillery, which has an unlimited number of artillery shells. If we have fortifications, minefields and reconnaissance drones, including thermal night drones and [an] unlimited number of FPV drones to destroy these small groups, [an] effective radio-electronic warfare system, including against Russian reconnaissance drones, I'm confident we can keep [the] defense lines. VOA: Ukraine is under pressure to start negotiating. Is this a good time for that? Poroshenko: No other nation in the world wants peace more than Ukrainians because we pay an enormous price. However, the negotiations should start when both sides are ready. Everybody asks if Ukraine is ready, and nobody asks if [Russian President Vladimir] Putin is ready for these negotiations. Putin is not ready. We should undertake enormous efforts to prepare Putin for these negotiations. What language should we speak to Putin? The language of strength, including sophisticated and modern weapons for Ukraine. Putin should feel that he is paying a high price. We need stronger sanctions to destroy the shadow fleet. The sanctions should lower Russian exports from $600 [billion] to $200 billion to cut Putin's ability to finance the war. VOA: Do you think the new Trump administration will support your vision? Poroshenko: I strongly believe in the global leadership of the United States. I worked with [President Donald] Trump in 2016-2019. Meeting him was one of my first meetings as president of Ukraine. Our meeting was scheduled for five minutes — just to shake hands and take a photo — and lasted for two and a half hours. As a result, he gave Ukraine the first lethal weapons after three years of the war, the legendary Javelins [anti-tank missiles]. They saved lots of lives in the Donbas region. Even without additional consultation with our European partners, we agreed that the United States introduce sanctions against the company contractor for the North Stream 2 [natural gas pipeline], which was vital. In President Trump’s presence we discussed with [his former CIA Director Mike] Pompeo the coordination of efforts to recognize the Ukrainian independent church. Trump is a person of results, not process. He is decisive enough to make tough decisions. VOA: Trump nominated General Keith Kellogg as the U.S. special representative for Ukraine and Russia. What do you think about him and his ideas? Poroshenko: I've met him several times when he was a member of [then] Vice President [Mike] Pence's team. I welcome President Trump's approach to appoint a special presidential envoy to Ukraine. When President Trump appointed Kurt Volker [as U.S. special representative for Ukraine negotiations], that was extremely efficient. And now, General Kellogg's level of professionalism gives us careful optimism. We can stop the war in 24 hours, as President Trump promised, and without a single shot [fired] or a dollar spent. We need just one signature for one treaty — the Washington Treaty [the April 1949 treaty establishing the North Atlantic Treaty Alliance]. Inviting Ukraine to join NATO will be a powerful demonstration to Putin that we are not afraid of his blackmail. We are decisive enough, and we want to have sustainable security on the continent. I propose my plan — the “Poroshenko Plan.” Within one year, partners guarantee that Ukraine will get a full [NATO] membership if it meets specific criteria and fulfills certain conditions. During that year, while we are not in NATO, we will receive the same security guarantees as Finland and Sweden before their full NATO membership. During that year, I also suggest having peacekeepers under the mandate of the United Nations Security Council to guarantee a ceasefire. That's how to stop the war in 24 hours.Excellence has been the 49ers’ calling card for the past several seasons. Since 2019, they’ve been one of the elite teams in the NFL, amassing 54 wins against 29 losses in the regular season with two Super Bowl runners-up and two NFC Championship losses in five years. Yet on Sunday night in frigid Orchard Park, the 49ers, mired at 5-6 and a game out of first place in the NFC West, find their season hanging in the balance with a showdown against the 9-2 Bills. “I think the vibe is probably a lot lower outside of this locker room than it is inside,” 49ers running back Christian McCaffrey told reporters this week. “I think our team is hungry. We still have everything in front of us and we’re ready to go.”
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• Total Revenues of $138.8M , up 14% year-over-year • Subscription Revenues of $119.9M , up 14% year-over-year • GAAP Operating Margin of (1)% , up ~1,000 basis points year-over-year • Non-GAAP Operating Margin of 20% , up ~350 basis points year-over-year WILMINGTON, N.C., Dec. 04, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. NCNO , the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the third quarter of fiscal year 2025, ended October 31, 2024. "We are very pleased with our third quarter results, once again exceeding expectations for both revenues and non-GAAP operating income," said Pierre Naudé, Chairman and CEO at nCino. "The team delivered solid execution globally, with over 30 multi-solution deals and more gross bookings from net new customers than the previous two quarters combined. Multi-solution deals continue to show the demand for a true end-to-end platform for financial institutions to onboard customers, open accounts, originate loans and manage the portfolio across multiple business lines. We remain focused on innovation and delivering efficiencies that create real business value, and we're excited by the strength and expansion we saw in our business this quarter as a result of that reputation." Financial Highlights Revenues: Total revenues for the third quarter of fiscal 2025 were $138.8 million, a 14% increase from $121.9 million in the third quarter of fiscal 2024. Subscription revenues for the third quarter were $119.9 million, up from $104.8 million one year ago, an increase of 14%. Income (Loss) from Operations: GAAP loss from operations in the third quarter of fiscal 2025 was $(0.8) million compared to $(12.9) million in the same quarter of fiscal 2024. Non-GAAP operating income in the third quarter of fiscal 2025 was $28.0 million compared to $20.4 million in the third quarter of fiscal 2024, an increase of 38%. Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(5.3) million compared to $(16.4) million in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter of fiscal 2025 was $24.4 million compared to $16.2 million in the third quarter of fiscal 2024, an increase of 51%. Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(0.05) per basic and diluted share compared to $(0.15) per basic and diluted share in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter was $0.21 per diluted share compared to $0.14 per diluted share in the third quarter of fiscal 2024. Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of October 31, 2024, was $1.095 billion, compared with $917.1 million as of October 31, 2023, an increase of 19%. RPO expected to be recognized in the next 24 months was $730.0 million, an increase of 16% from $627.6 million as of October 31, 2023. Cash: Cash, cash equivalents, and restricted cash were $258.3 million as of October 31, 2024, which reflected refinancing the revolving credit facility and included $129.7 million that was subsequently utilized to acquire FullCircl on November 5, 2024. Recent Business Highlights Completed acquisition of FullCircl: Closed the acquisition of FullCircl on November 5, 2024, expanding nCino's onboarding capabilities by adding data aggregation components to the platform for financial institutions in EMEA. Signed a multi-solution expansion agreement with a top-40 bank in the U.S.: Shortly after quarter end, expanded relationship with a top-40 bank in the U.S. for Commercial and Small Business Lending, Commercial Pricing & Profitability, Automated Spreading and Banking Advisor. Signed first Banking Advisor deal in Australia: Extended relationship with a top-5 Australian bank for three years with the addition of Banking Advisor. Signed largest customer in Japan: Tokushima Taisho Bank selected nCino to transform its business lending operations, making the bank nCino's largest customer in Japan. Signed an expansion agreement with the largest bank in Norway: The bank expanded its adoption of nCino Commercial Lending, including Banking Advisor, and will also be running Credit Portfolio Management and ESG reporting on nCino. One of the largest home builders in the U.S. went live on the nCino Mortgage Solution: The affiliate mortgage company of a large, national home builder completed its rollout of the nCino Mortgage Solution. Financial Outlook nCino is providing guidance for its fourth quarter ending January 31, 2025 , as follows: Total revenues between $139.5 million and $141.5 million. Subscription revenues between $122.5 million and $124.5 million. Non-GAAP operating income between $23.25 million and $24.25 million. Non-GAAP net income attributable to nCino per diluted share of $0.18 to $0.19. nCino is providing guidance for its fiscal year 2025 ending January 31, 2025 , as follows: Total revenues between $539.0 million and $541.0 million. Subscription revenues between $467.0 million and $469.0 million. Non-GAAP operating income between $95.0 million and $96.0 million. Non-GAAP net income attributable to nCino per diluted share of $0.75 to $0.76. Conference Call nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino's website: https://investor.ncino.com/news-events/events-and-presentations . About nCino nCino NCNO is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 1,800 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com . Forward-Looking Statements: This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino's future performance, outlook, guidance, the assumptions underlying those statements, the benefits from the use of nCino's solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino's historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino's expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers' or their clients' data; (v) the accuracy of management's assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution; (vii) competitive factors, including pricing pressures, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses. Additional risks and uncertainties that could affect nCino's business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov ). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time. nCino, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) January 31, 2024 October 31, 2024 Assets Current assets Cash and cash equivalents $ 112,085 $ 257,894 Accounts receivable, net 112,975 65,013 Costs capitalized to obtain revenue contracts, current portion, net 10,544 12,214 Prepaid expenses and other current assets 15,171 13,523 Total current assets 250,775 348,644 Property and equipment, net 79,145 75,711 Operating lease right-of-use assets, net 19,261 14,938 Costs capitalized to obtain revenue contracts, noncurrent, net 17,425 20,185 Goodwill 838,869 908,559 Intangible assets, net 115,572 128,344 Investments 9,294 9,294 Long-term prepaid expenses and other assets 10,089 10,931 Total assets $ 1,340,430 $ 1,516,606 Liabilities, redeemable non-controlling interest, and stockholders' equity Current liabilities Accounts payable $ 11,842 $ 12,123 Accrued compensation and benefits 16,283 16,370 Accrued expenses and other current liabilities 10,847 11,594 Deferred revenue, current portion 170,941 132,382 Financing obligations, current portion 1,474 1,614 Operating lease liabilities, current portion 3,649 4,830 Total current liabilities 215,036 178,913 Operating lease liabilities, noncurrent 16,423 11,829 Deferred income taxes, noncurrent 3,687 10,577 Deferred revenue, noncurrent — 431 Revolving credit facility, noncurrent — 166,000 Financing obligations, noncurrent 52,680 51,624 Other long-term liabilities — 3,726 Total liabilities 287,826 423,100 Commitments and contingencies Redeemable non-controlling interest 3,428 5,243 Stockholders' equity Common stock 57 58 Additional paid-in capital 1,400,881 1,456,411 Accumulated other comprehensive income 996 1,615 Accumulated deficit (352,758 ) (369,821 ) Total stockholders' equity 1,049,176 1,088,263 Total liabilities, redeemable non-controlling interest, and stockholders' equity $ 1,340,430 $ 1,516,606 nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2023 2024 2023 2024 Revenues Subscription $ 104,759 $ 119,894 $ 301,996 $ 344,211 Professional services and other 17,183 18,903 50,854 55,076 Total revenues 121,942 138,797 352,850 399,287 Cost of revenues Subscription 30,605 33,769 89,481 98,916 Professional services and other 17,420 19,976 52,779 59,940 Total cost of revenues 48,025 53,745 142,260 158,856 Gross profit 73,917 85,052 210,590 240,431 Gross margin % 61 % 61 % 60 % 60 % Operating expenses Sales and marketing 38,446 29,729 100,551 89,487 Research and development 29,043 33,039 87,127 97,291 General and administrative 19,334 23,108 59,239 66,046 Total operating expenses 86,823 85,876 246,917 252,824 Loss from operations (12,906 ) (824 ) (36,327 ) (12,393 ) Non-operating income (expense) Interest income 685 482 2,057 1,408 Interest expense (854 ) (1,653 ) (3,277 ) (4,965 ) Other income (expense), net (2,320 ) 432 (2,633 ) (162 ) Loss before income taxes (15,395 ) (1,563 ) (40,180 ) (16,112 ) Income tax provision 1,782 2,589 4,720 1,360 Net loss (17,177 ) (4,152 ) (44,900 ) (17,472 ) Net loss attributable to redeemable non-controlling interest (320 ) (186 ) (868 ) (409 ) Adjustment attributable to redeemable non-controlling interest (478 ) 1,286 (526 ) 2,205 Net loss attributable to nCino, Inc. $ (16,379 ) $ (5,252 ) $ (43,506 ) $ (19,268 ) Net loss per share attributable to nCino, Inc.: Basic and diluted $ (0.15 ) $ (0.05 ) $ (0.39 ) $ (0.17 ) Weighted average number of common shares outstanding: Basic and diluted 112,951,553 115,611,833 112,484,017 114,970,622 nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended October 31, 2023 2024 Cash flows from operating activities Net loss attributable to nCino, Inc. $ (43,506 ) $ (19,268 ) Net loss and adjustment attributable to redeemable non-controlling interest (1,394 ) 1,796 Net loss (44,900 ) (17,472 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 37,337 26,132 Non-cash operating lease costs 3,581 3,844 Amortization of costs capitalized to obtain revenue contracts 7,368 8,724 Amortization of debt issuance costs 138 60 Stock-based compensation 41,969 53,015 Deferred income taxes 881 (2,496 ) Provision for bad debt 1,124 25 Net foreign currency losses (gains) 2,275 (658 ) Loss on disposal of long-lived assets 161 35 Change in operating assets and liabilities: Accounts receivable 35,455 50,184 Costs capitalized to obtain revenue contracts (5,959 ) (13,199 ) Prepaid expenses and other assets 3,374 656 Accounts payable 1,184 1,056 Accrued expenses and other liabilities (7,999 ) (148 ) Deferred revenue (23,789 ) (41,604 ) Operating lease liabilities (3,063 ) (2,936 ) Net cash provided by operating activities 49,137 65,218 Cash flows from investing activities Acquisition of business, net of cash acquired — (90,839 ) Acquisition of assets (356 ) (450 ) Purchases of property and equipment (3,083 ) (1,466 ) Purchase of investment (2,500 ) — Net cash used in investing activities (5,939 ) (92,755 ) Cash flows from financing activities Investment from redeemable non-controlling interest 983 — Proceeds from borrowings on revolving credit facility — 241,000 Payments on revolving credit facility (30,000 ) (75,000 ) Payments of debt issuance costs — (1,382 ) Exercise of stock options 3,176 2,223 Stock issuance under the employee stock purchase plan 2,698 2,514 Principal payments on financing obligations (888 ) (916 ) Net cash provided by (used in) financing activities (24,031 ) 168,439 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash (762 ) (93 ) Net increase in cash, cash equivalents, and restricted cash 18,405 140,809 Cash, cash equivalents, and restricted cash, beginning of period 87,418 117,444 Cash, cash equivalents, and restricted cash, end of period $ 105,823 $ 258,253 Reconciliation of cash, cash equivalents, and restricted cash, end of period: Cash and cash equivalents $ 100,475 $ 257,894 Restricted cash included in prepaid expenses and other current assets 5,000 — Restricted cash included in long-term prepaid expenses and other assets 348 359 Total cash, cash equivalents, and restricted cash, end of period $ 105,823 $ 258,253 Non-GAAP Financial Measures In nCino's public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures. Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies. Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. We believe these costs, which are primarily related to legal, consulting and other professional services fees, are non-recurring in nature and outside the ordinary course of business. Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results. Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Tax Benefit Related to Acquisitions. In connection with deferred tax liabilities assumed from acquisitions, nCino may reduce the valuation allowance against deferred tax assets, resulting in a one-time tax benefit recorded in Income tax provision (benefit). We believe that the exclusion of this benefit from our non-GAAP net income attributable to nCino and non-GAAP net income attributable to nCino per share provides a more direct comparison to all periods presented. Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses. Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company's operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results. There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino's management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below. nCino, Inc. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands, except share and per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2023 2024 2023 2024 GAAP total revenues $ 121,942 $ 138,797 $ 352,850 $ 399,287 GAAP cost of subscription revenues $ 30,605 $ 33,769 $ 89,481 $ 98,916 Amortization expense - developed technology (3,990 ) (4,404 ) (12,431 ) (12,926 ) Stock-based compensation (515 ) (733 ) (1,314 ) (2,088 ) Restructuring charges (12 ) — (51 ) — Non-GAAP cost of subscription revenues $ 26,088 $ 28,632 $ 75,685 $ 83,902 GAAP cost of professional services and other revenues $ 17,420 $ 19,976 $ 52,779 $ 59,940 Amortization expense - other (82 ) (82 ) (247 ) (247 ) Stock-based compensation (2,571 ) (2,940 ) (6,660 ) (8,699 ) Restructuring charges (26 ) — (118 ) — Non-GAAP cost of professional services and other revenues $ 14,741 $ 16,954 $ 45,754 $ 50,994 GAAP gross profit $ 73,917 $ 85,052 $ 210,590 $ 240,431 Amortization expense - developed technology 3,990 4,404 12,431 12,926 Amortization expense - other 82 82 247 247 Stock-based compensation 3,086 3,673 7,974 10,787 Restructuring charges 38 — 169 — Non-GAAP gross profit $ 81,113 $ 93,211 $ 231,411 $ 264,391 The following table sets forth reconciling items as a percentage of total revenue for the periods presented. 1 GAAP gross margin % 61 % 61 % 60 % 60 % Amortization expense - developed technology 3 3 4 3 Amortization expense - other — — — — Stock-based compensation 3 3 2 3 Restructuring charges — — — — Non-GAAP gross margin % 67 % 67 % 66 % 66 % GAAP sales & marketing expense $ 38,446 $ 29,729 $ 100,551 $ 89,487 Amortization expense - customer relationships (2,167 ) (2,736 ) (6,502 ) (7,889 ) Amortization expense - trade name (10,713 ) (107 ) (11,921 ) (254 ) Amortization expense - other — (28 ) — (72 ) Stock-based compensation (4,153 ) (4,394 ) (11,194 ) (12,534 ) Restructuring charges (24 ) — (100 ) — Non-GAAP sales & marketing expense $ 21,389 $ 22,464 $ 70,834 $ 68,738 GAAP research & development expense $ 29,043 $ 33,039 $ 87,127 $ 97,291 Stock-based compensation (4,386 ) (4,208 ) (11,665 ) (13,720 ) Restructuring charges (87 ) — (352 ) — Non-GAAP research & development expense $ 24,570 $ 28,831 $ 75,110 $ 83,571 GAAP general & administrative expense $ 19,334 $ 23,108 $ 59,239 $ 66,046 Stock-based compensation (4,198 ) (5,696 ) (11,136 ) (15,974 ) Acquisition-related expenses (211 ) (3,423 ) (634 ) (9,410 ) Litigation expenses (153 ) (115 ) (4,502 ) (365 ) Restructuring charges (1 ) — (6 ) — Non-GAAP general & administrative expense $ 14,771 $ 13,874 $ 42,961 $ 40,297 GAAP loss from operations $ (12,906 ) $ (824 ) $ (36,327 ) $ (12,393 ) Amortization of intangible assets 16,952 7,357 31,101 21,388 Stock-based compensation 15,823 17,971 41,969 53,015 Acquisition-related expenses 211 3,423 634 9,410 Litigation expenses 153 115 4,502 365 Restructuring charges 150 — 627 — Non-GAAP operating income $ 20,383 $ 28,042 $ 42,506 $ 71,785 The following table sets forth reconciling items as a percentage of total revenue for the periods presented. 1 GAAP operating margin % (11 )% (1 )% (10 )% (3 )% Amortization of intangible assets 14 5 9 5 Stock-based compensation 13 13 12 13 Acquisition-related expenses — 2 — 2 Litigation expenses — — 1 — Restructuring charges — — — — Non-GAAP operating margin % 17 % 20 % 12 % 18 % GAAP net loss attributable to nCino, Inc. $ (16,379 ) $ (5,252 ) $ (43,506 ) $ (19,268 ) Amortization of intangible assets 16,952 7,357 31,101 21,388 Stock-based compensation 15,823 17,971 41,969 53,015 Acquisition-related expenses 211 3,423 634 9,410 Litigation expenses 153 115 4,502 365 Restructuring charges 150 — 627 — Tax benefit related to acquisition — — — (3,609 ) Income tax effect on non-GAAP adjustments (237 ) (451 ) (616 ) (1,244 ) Adjustment attributable to redeemable non-controlling interest (478 ) 1,286 (526 ) 2,205 Non-GAAP net income attributable to nCino, Inc. $ 16,195 $ 24,449 $ 34,185 $ 62,262 Basic and diluted GAAP net loss attributable to nCino, Inc. per share $ (0.15 ) $ (0.05 ) $ (0.39 ) $ (0.17 ) Weighted-average shares used to compute basic and diluted GAAP net loss attributable to nCino, Inc. per share 112,951,553 115,611,833 112,484,017 114,970,622 Basic non-GAAP net income attributable to nCino, Inc. per share $ 0.14 $ 0.21 $ 0.30 $ 0.54 Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share 112,951,553 115,611,833 112,484,017 114,970,622 Diluted non-GAAP net income attributable to nCino, Inc. per share $ 0.14 $ 0.21 $ 0.30 $ 0.53 Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share 115,261,169 117,416,473 114,636,396 116,913,806 Free cash flow Net cash provided by operating activities $ 5,870 $ 5,777 $ 49,137 $ 65,218 Purchases of property and equipment (619 ) (680 ) (3,083 ) (1,466 ) Free cash flow $ 5,251 $ 5,097 $ 46,054 $ 63,752 Principal payments on financing obligations 2 (324 ) (194 ) (888 ) (916 ) Free cash flow less principal payments on financing obligations $ 4,927 $ 4,903 $ 45,166 $ 62,836 1 Columns may not foot due to rounding. 2 These amounts represent the non-interest component of payments towards financing obligations for facilities. CONTACTS INVESTOR CONTACT Harrison Masters nCino +1 910.734.7743 Harrison.masters@ncino.com MEDIA CONTACT Natalia Moose nCino Natalia.moose@ncino.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
ATHENS, Ga. — This one’s going to hurt for a while. Ahead by 17 points at the half, by 14 with four minutes left in regulation, Georgia Tech tasted the most bitter of defeats. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
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