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Banking & Finance

NCino Reports Fourth Quarter, Fiscal Year Results

By Cece Nunn, posted Apr 1, 2021
Banking software firm nCino is headquartered off Military Cutoff Road in Wilmington. (File photo)

Banking software firm nCino reported on Wednesday an increase in revenues for the Wilmington-based company’s fourth quarter and fiscal year that ended Jan. 31.

Revenues for the fourth quarter were $56.6 million, a 47% increase from $38.5 million in the fourth quarter of fiscal 2020, according to a news release. Meanwhile, total revenues for fiscal year 2021 were $204 million, a 48% increase from $138 million in fiscal year 2020. 

Subscription revenues for the fourth quarter were $45 million, up from $31.5 million one year ago, an increase of 43%. For the fiscal year 2021, subscription revenues were $162.4 million, up from $103.3 million one year ago, an increase of 57%.
 
nCino debuted on the Nasdaq in July of last year, at a price of more than $91 per share.

In the investor news release and earnings call, nCino CEO Pierre Naudé said was pleased with the results.

“We closed a record amount of business in the quarter while building one of the largest pipelines in the company's history, with over 50% of the pipeline reflecting international opportunities,” Naudé said in the release. “We took a record number of retail customers live, closed multiple retail cross-sell opportunities, and increased our subscription revenue retention rate for the year to 155%. 

“We also added new logos in both the U.S. and international markets, including a continental European deal with one of the largest commercial banks in the Baltics, along with several deals for Automated Spreading and Portfolio Analytics on our nIQ analytics platform.”

CFO David Rudow said in the conference call that net cash used in operating activities was $11.9 million, compared to $11.2 million in the fourth quarter of 2020. 

“Capital expenditures were $0.6 million in the quarter, resulting in negative free cash flow of $12.5 million for the fourth quarter of fiscal '21,” Rudow said. “As a reminder, Q4 is our strongest billing quarter, which usually results in improving cash collections in the first and second quarters. For the full year, we reported positive free cash flow of $4.9 million.”

Rudow added, “While we are very pleased to have achieved positive cash flow, we do plan to continue investing for growth in fiscal 2022, especially to build out our international footprint, and fund R&D in the light of the opportunity we see for the nCino Bank operating system. Our investment goal is responsible balanced growth.”.

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