| Delaware | 87-4154342 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common stock, par value $0.0005 per share | NCNO | The Nasdaq Global Select Market | ||||||
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
| Emerging growth company | ☐ | |||||||||||||
| TABLE OF CONTENTS | ||||||||
| Page | ||||||||
| Item 1. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 1. | ||||||||
| Item 1A. | ||||||||
| Item 2. | ||||||||
| Item 3. | ||||||||
| Item 4. | ||||||||
| Item 5. | ||||||||
| Item 6. | ||||||||
| January 31, 2026 | April 30, 2026 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
Cash and cash equivalents (VIE: $3,421 and $8,498 at January 31, 2026 and April 30, 2026, respectively) | $ | 88,374 | $ | 102,813 | |||||||
Accounts receivable, less allowances of $2,825 and $2,739 at January 31, 2026 and April 30, 2026, respectively | 166,540 | 124,742 | |||||||||
| Costs capitalized to obtain revenue contracts, current portion, net | 17,211 | 16,989 | |||||||||
| Prepaid expenses and other current assets | 21,378 | 22,883 | |||||||||
| Total current assets | 293,503 | 267,427 | |||||||||
| Property and equipment, net | 75,607 | 74,837 | |||||||||
| Operating lease right-of-use assets, net | 12,687 | 11,833 | |||||||||
| Costs capitalized to obtain revenue contracts, noncurrent, net | 30,735 | 29,639 | |||||||||
| Goodwill | 1,077,947 | 1,076,098 | |||||||||
| Intangible assets, net | 135,658 | 126,215 | |||||||||
Investments | 7,262 | 7,262 | |||||||||
| Long-term prepaid expenses and other assets | 14,707 | 14,519 | |||||||||
| Total assets | $ | 1,648,106 | $ | 1,607,830 | |||||||
| Liabilities, redeemable non-controlling interest, and stockholders’ equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 14,521 | $ | 15,710 | |||||||
| Accrued expenses and other current liabilities | 64,372 | 44,488 | |||||||||
| Deferred revenue, current portion | 210,552 | 225,049 | |||||||||
| Debt, current portion, net | — | 9,803 | |||||||||
| Financing obligations, current portion | 818 | 607 | |||||||||
| Operating lease liabilities, current portion | 4,229 | 4,204 | |||||||||
| Total current liabilities | 294,492 | 299,861 | |||||||||
| Operating lease liabilities, noncurrent | 9,748 | 8,801 | |||||||||
| Deferred income taxes, noncurrent | 7,020 | 7,528 | |||||||||
| Deferred revenue, noncurrent | 170 | 102 | |||||||||
| Debt, noncurrent, net | 213,500 | 253,007 | |||||||||
| Financing obligations, noncurrent | 50,400 | 50,290 | |||||||||
| Other long-term liabilities | 4,124 | 3,795 | |||||||||
| Total liabilities | 579,454 | 623,384 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Redeemable non-controlling interest (Note 2) | 12,737 | 14,087 | |||||||||
| Stockholders’ equity | |||||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized, and none issued and outstanding at January 31, 2026 and April 30, 2026 | — | — | |||||||||
Common stock, $0.0005 par value; 500,000,000 shares authorized at January 31, 2026 and April 30, 2026; 118,868,921 and 119,882,698 shares issued; 113,904,867 and 108,794,598 outstanding at January 31, 2026 and April 30, 2026, respectively | 59 | 60 | |||||||||
Treasury stock, at cost; 4,964,054 and 11,088,100 shares at January 31, 2026 and April 30, 2026, respectively | (125,600) | (219,255) | |||||||||
| Additional paid-in capital | 1,550,187 | 1,546,967 | |||||||||
| Accumulated other comprehensive income | 7,042 | 4,016 | |||||||||
| Accumulated deficit | (375,773) | (361,429) | |||||||||
| Total stockholders’ equity | 1,055,915 | 970,359 | |||||||||
| Total liabilities, redeemable non-controlling interest, and stockholders’ equity | $ | 1,648,106 | $ | 1,607,830 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Revenues | |||||||||||
| Subscription | $ | 125,588 | $ | 140,929 | |||||||
| Professional services and other | 18,549 | 18,485 | |||||||||
| Total revenues | 144,137 | 159,414 | |||||||||
| Cost of revenues | |||||||||||
| Subscription | 36,125 | 39,244 | |||||||||
| Professional services and other | 21,570 | 19,232 | |||||||||
| Total cost of revenues | 57,695 | 58,476 | |||||||||
| Gross profit | 86,442 | 100,938 | |||||||||
| Operating expenses | |||||||||||
| Sales and marketing | 32,971 | 33,725 | |||||||||
| Research and development | 33,341 | 28,865 | |||||||||
| General and administrative | 21,643 | 17,229 | |||||||||
| Total operating expenses | 87,955 | 79,819 | |||||||||
| Income (loss) from operations | (1,513) | 21,119 | |||||||||
| Non-operating income (expense) | |||||||||||
| Interest income | 417 | 366 | |||||||||
| Interest expense | (4,450) | (4,481) | |||||||||
| Other income (expense), net | 16,097 | (333) | |||||||||
| Income before income taxes | 10,551 | 16,671 | |||||||||
| Income tax provision | 4,534 | 1,680 | |||||||||
| Net income | 6,017 | 14,991 | |||||||||
Net income attributable to redeemable non-controlling interest (Note 2) | 76 | 647 | |||||||||
Adjustment attributable to redeemable non-controlling interest (Note 2) | 379 | 703 | |||||||||
| Net income attributable to nCino, Inc. | $ | 5,562 | $ | 13,641 | |||||||
| Net income per share attributable to nCino, Inc.: | |||||||||||
| Basic | $ | 0.05 | $ | 0.13 | |||||||
| Diluted | $ | 0.05 | $ | 0.12 | |||||||
| Weighted average number of common shares outstanding: | |||||||||||
| Basic | 114,781,654 | 108,502,547 | |||||||||
| Diluted | 116,578,848 | 109,458,472 | |||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Net income | $ | 6,017 | $ | 14,991 | |||||||
| Other comprehensive income (loss): | |||||||||||
| Foreign currency translation | 1,358 | (3,026) | |||||||||
| Other comprehensive income (loss) | 1,358 | (3,026) | |||||||||
| Comprehensive income | 7,375 | 11,965 | |||||||||
| Less comprehensive income attributable to redeemable non-controlling interest: | |||||||||||
| Net income attributable to redeemable non-controlling interest | 76 | 647 | |||||||||
| Foreign currency translation attributable to redeemable non-controlling interest | (17) | — | |||||||||
| Comprehensive income attributable to redeemable non-controlling interest | 59 | 647 | |||||||||
| Comprehensive income attributable to nCino, Inc. | $ | 7,316 | $ | 11,318 | |||||||
| Three Months Ended April 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, January 31, 2025 | 115,996,852 | $ | 58 | — | $ | — | $ | 1,474,413 | $ | 176 | $ | (385,335) | $ | 1,089,312 | |||||||||||||||||||||||||||||||||
| Exercise of stock options | 172,446 | — | — | — | 748 | — | — | 748 | |||||||||||||||||||||||||||||||||||||||
| Stock issuance upon vesting of restricted stock units | 900,433 | 1 | — | — | (1) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Common stock repurchases under share repurchase program | — | — | 1,829,113 | (40,588) | — | — | — | (40,588) | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | 15,809 | — | — | 15,809 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | 1,375 | — | 1,375 | |||||||||||||||||||||||||||||||||||||||
| Net income attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | — | — | — | — | (379) | — | 5,941 | 5,562 | |||||||||||||||||||||||||||||||||||||||
| Balance, April 30, 2025 | 117,069,731 | $ | 59 | 1,829,113 | $ | (40,588) | $ | 1,490,590 | $ | 1,551 | $ | (379,394) | $ | 1,072,218 | |||||||||||||||||||||||||||||||||
| Three Months Ended April 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total | ||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
| Balance, January 31, 2026 | 118,868,921 | $ | 59 | 4,964,054 | $ | (125,600) | $ | 1,550,187 | $ | 7,042 | $ | (375,773) | $ | 1,055,915 | |||||||||||||||||||||||||||||||||
| Exercise of stock options | 67,557 | — | — | — | 473 | — | — | 473 | |||||||||||||||||||||||||||||||||||||||
| Stock issuance upon vesting of restricted stock units | 946,220 | 1 | — | — | (1) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Common stock repurchases under stock repurchase programs | — | — | 6,124,046 | (93,655) | (16,893) | — | — | (110,548) | |||||||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | 13,904 | — | — | 13,904 | |||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss | — | — | — | — | — | (3,026) | — | (3,026) | |||||||||||||||||||||||||||||||||||||||
| Net income attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | — | — | — | — | (703) | — | 14,344 | 13,641 | |||||||||||||||||||||||||||||||||||||||
| Balance, April 30, 2026 | 119,882,698 | $ | 60 | 11,088,100 | $ | (219,255) | $ | 1,546,967 | $ | 4,016 | $ | (361,429) | $ | 970,359 | |||||||||||||||||||||||||||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income attributable to nCino, Inc. | $ | 5,562 | $ | 13,641 | |||||||
| Net income and adjustment attributable to redeemable non-controlling interest | 455 | 1,350 | |||||||||
| Net income | 6,017 | 14,991 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 10,705 | 10,083 | |||||||||
| Non-cash operating lease costs | 1,161 | 908 | |||||||||
| Amortization of costs capitalized to obtain revenue contracts | 3,591 | 4,622 | |||||||||
| Amortization of debt issuance costs | 72 | 88 | |||||||||
| Stock-based compensation | 15,814 | 13,904 | |||||||||
| Change in fair value of contingent consideration | 200 | 242 | |||||||||
| Deferred income taxes | 2,656 | 180 | |||||||||
| Provision for (recovery of) bad debt | 202 | (54) | |||||||||
| Net foreign currency losses (gains) | (13,669) | 185 | |||||||||
| Gains on investments | (1,652) | — | |||||||||
| Loss on disposal of long-lived assets | 73 | — | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | 45,717 | 41,208 | |||||||||
| Costs capitalized to obtain revenue contracts | (3,158) | (3,425) | |||||||||
| Prepaid expenses and other assets | (1,542) | (1,394) | |||||||||
| Accounts payable | 480 | 1,154 | |||||||||
| Accrued expenses and other liabilities | (15,796) | (15,294) | |||||||||
| Deferred revenue | 5,245 | 14,895 | |||||||||
| Operating lease liabilities | (1,335) | (1,013) | |||||||||
| Other long term liabilities | (461) | 125 | |||||||||
| Net cash provided by operating activities | 54,320 | 81,405 | |||||||||
| Cash flows from investing activities | |||||||||||
| Acquisition of business, net of cash acquired | (50,263) | — | |||||||||
| Purchases of property and equipment | (1,718) | (614) | |||||||||
| Sale of investment | 3,684 | — | |||||||||
| Net cash used in investing activities | (48,297) | (614) | |||||||||
| Cash flows from financing activities | |||||||||||
| Repurchases of common stock | (40,588) | (110,083) | |||||||||
| Proceeds from borrowings on revolving credit facility | 102,500 | — | |||||||||
| Payments on revolving credit facility | (60,000) | (150,000) | |||||||||
| Proceeds from term loan, net of debt issuance costs | — | 199,346 | |||||||||
| Exercise of stock options | 748 | 473 | |||||||||
| Principal payments on financing obligations | (410) | (321) | |||||||||
Payment of contingent consideration | — | (5,300) | |||||||||
| Net cash provided by (used in) financing activities | 2,250 | (65,885) | |||||||||
| Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash | 4,040 | (459) | |||||||||
| Net increase in cash, cash equivalents, and restricted cash | 12,313 | 14,447 | |||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 121,267 | 88,685 | |||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 133,580 | $ | 103,132 | |||||||
| The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | |||||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Reconciliation of cash, cash equivalents, and restricted cash, end of period: | |||||||||||
| Cash and cash equivalents | $ | 133,230 | $ | 102,813 | |||||||
| Restricted cash included in prepaid expenses and other current assets | — | 173 | |||||||||
| Restricted cash included in long-term prepaid expenses and other assets | 350 | 146 | |||||||||
| Total cash, cash equivalents, and restricted cash, end of period | $ | 133,580 | $ | 103,132 | |||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Cash paid for interest | $ | 4,145 | $ | 4,361 | |||||||
| Cash paid for taxes, net of refunds | 750 | 622 | |||||||||
| Supplemental disclosure of noncash investing and financing activities | |||||||||||
| Fair value of contingent consideration in connection with business acquisition in accrued expenses and other current liabilities | $ | 8,100 | $ | — | |||||||
| Purchase of property and equipment, accrued but not paid | 2,425 | — | |||||||||
| Measurement period adjustments relating to business acquisitions | 1,353 | 147 | |||||||||
| Noncash consideration in connection with business acquisition for settlement of a preexisting contract | 1,354 | — | |||||||||
| Excise tax on repurchases of common stock | — | 465 | |||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Balance, beginning of period | $ | 1,229 | $ | 2,825 | |||||||
| Charged to (recovery of) bad debt expense | 202 | (54) | |||||||||
| Charged to deferred revenue | 20 | (12) | |||||||||
| Write-offs and other | (184) | — | |||||||||
| Translation adjustments | 2 | (20) | |||||||||
| Balance, end of period | $ | 1,269 | $ | 2,739 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Balance, beginning of period | $ | 8,286 | $ | 12,737 | |||||||
| Net income attributable to redeemable non-controlling interest (excluding adjustment to non-controlling interest) | 76 | 647 | |||||||||
| Foreign currency translation | (17) | — | |||||||||
| Adjustment to redeemable non-controlling interest | 379 | 703 | |||||||||
Stock-based compensation expense(1) | 5 | — | |||||||||
| Balance, end of period | $ | 8,729 | $ | 14,087 | |||||||
| Fair value measurements on a recurring basis as of January 31, 2026 | |||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||
| Assets: | |||||||||||||||||
| Money market accounts (included in cash and cash equivalents) | $ | 10,588 | $ | — | $ | — | |||||||||||
| Time deposits (included in prepaid expenses and other current assets) | 142 | — | — | ||||||||||||||
| Time deposits (included in long-term prepaid expenses and other assets) | 169 | — | — | ||||||||||||||
| Total assets | $ | 10,899 | $ | — | $ | — | |||||||||||
| Liabilities: | |||||||||||||||||
| Contingent consideration (included in accrued expenses and other current liabilities) | $ | — | $ | — | $ | 9,700 | |||||||||||
| Total liabilities | $ | — | $ | — | $ | 9,700 | |||||||||||
| Fair value measurements on a recurring basis as of April 30, 2026 | |||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||
| Assets: | |||||||||||||||||
| Money market accounts (included in cash and cash equivalents) | $ | 31,145 | $ | — | $ | — | |||||||||||
| Time deposits (included in prepaid expenses and other current assets) | 173 | — | — | ||||||||||||||
| Time deposits (included in long-term prepaid expenses and other assets) | 146 | — | — | ||||||||||||||
| Total assets | $ | 31,464 | $ | — | $ | — | |||||||||||
| Liabilities: | |||||||||||||||||
| Contingent consideration (included in accrued expenses and other current liabilities) | $ | — | $ | — | $ | 3,275 | |||||||||||
| Total liabilities | $ | — | $ | — | $ | 3,275 | |||||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
Balance, beginning of period | $ | — | $ | 9,700 | |||||||
| Contingent consideration in connection with business acquisition | 8,100 | — | |||||||||
| Changes in fair value | 200 | 242 | |||||||||
Payment of contingent consideration | — | (6,667) | |||||||||
Balance, end of period | $ | 8,300 | $ | 3,275 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| United States | |||||||||||
| Subscriptions - non-mortgage | $ | 80,755 | $ | 89,963 | |||||||
| Subscriptions - mortgage | 18,969 | 19,707 | |||||||||
| Professional services and other | 12,826 | 13,337 | |||||||||
| Total United States | 112,550 | 123,007 | |||||||||
| International | |||||||||||
| Subscriptions | 25,864 | 31,259 | |||||||||
| Professional services and other | 5,723 | 5,148 | |||||||||
| Total International | 31,587 | 36,407 | |||||||||
| Total Revenue | $ | 144,137 | $ | 159,414 | |||||||
| As of January 31, 2026 | As of April 30, 2026 | ||||||||||
| Trade accounts receivable | $ | 139,729 | $ | 109,089 | |||||||
| Unbilled accounts receivable | 28,131 | 16,528 | |||||||||
| Allowance for doubtful accounts | (2,825) | (2,739) | |||||||||
Other accounts receivable | 1,505 | 1,864 | |||||||||
| Total accounts receivable, net | $ | 166,540 | $ | 124,742 | |||||||
| As of January 31, 2026 | As of April 30, 2026 | ||||||||||
| Prepaid expenses | $ | 19,246 | $ | 20,767 | |||||||
| Other current assets | 2,132 | 2,116 | |||||||||
| Prepaid expenses and other current assets | $ | 21,378 | $ | 22,883 | |||||||
| As of January 31, 2026 | As of April 30, 2026 | ||||||||||
| Furniture and fixtures | $ | 11,862 | $ | 11,853 | |||||||
| Computers and equipment | 6,646 | 7,161 | |||||||||
Buildings and land | 56,379 | 56,379 | |||||||||
| Leasehold improvements | 30,536 | 30,463 | |||||||||
| Total property and equipment, gross | 105,423 | 105,856 | |||||||||
| Less accumulated depreciation | (29,816) | (31,019) | |||||||||
| Total property and equipment, net | $ | 75,607 | $ | 74,837 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cost of subscription revenues | $ | 108 | $ | 92 | |||||||
| Cost of professional services and other revenues | 345 | 309 | |||||||||
| Sales and marketing | 310 | 307 | |||||||||
| Research and development | 572 | 441 | |||||||||
| General and administrative | 181 | 141 | |||||||||
| Total depreciation expense | $ | 1,516 | $ | 1,290 | |||||||
| As of January 31, 2026 | As of April 30, 2026 | ||||||||||
| Accrued compensation and benefits | $ | 24,797 | $ | 11,854 | |||||||
| Accrued expenses | 15,567 | 14,820 | |||||||||
| Purchase consideration deferred payment | 14,308 | 14,539 | |||||||||
| Contingent consideration liability | 9,700 | 3,275 | |||||||||
| Accrued expenses and other current liabilities | $ | 64,372 | $ | 44,488 | |||||||
| Fair Value | ||||||||
| Cash consideration (net of working capital adjustments) | $ | 53,488 | ||||||
| Noncash consideration for settlement of preexisting contract | 1,354 | |||||||
| Contingent consideration | 8,100 | |||||||
| $ | 62,942 | |||||||
| Fair Value | |||||
| Cash and cash equivalents | $ | 3,330 | |||
| Accounts receivable | 1,020 | ||||
| Other current and noncurrent assets | 106 | ||||
| Intangible assets | 13,400 | ||||
| Goodwill | 53,977 | ||||
| Accounts payable, accrued expenses, and other liabilities, current and noncurrent | (774) | ||||
| Deferred revenue, current and noncurrent | (4,950) | ||||
| Deferred income taxes | (3,167) | ||||
| Net assets acquired | $ | 62,942 | |||
| Fair Value | Useful Life | ||||||||||
| Trade name | $ | 400 | 1 year | ||||||||
| Customer relationships | 8,500 | 10 years | |||||||||
| Developed technology | 4,500 | 5 years | |||||||||
| Total intangible assets subject to amortization | $ | 13,400 | |||||||||
| Balance, January 31, 2026 | $ | 1,077,947 | |||
| Measurement period adjustments | 147 | ||||
| Translation adjustments | (1,996) | ||||
| Balance, April 30, 2026 | $ | 1,076,098 | |||
| As of January 31, 2026 | As of April 30, 2026 | ||||||||||||||||||||||||||||||||||
| Gross Amount | Accumulated Amortization | Net Carrying Amount | Gross Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
| Developed technology | $ | 102,443 | $ | (70,334) | $ | 32,109 | $ | 102,312 | $ | (75,417) | $ | 26,895 | |||||||||||||||||||||||
| Customer relationships | 151,399 | (48,095) | 103,304 | 150,752 | (51,641) | 99,111 | |||||||||||||||||||||||||||||
| Trademarks and trade name | 1,999 | (1,991) | 8 | 400 | (400) | — | |||||||||||||||||||||||||||||
| Other | 1,369 | (1,132) | 237 | 450 | (241) | 209 | |||||||||||||||||||||||||||||
| $ | 257,210 | $ | (121,552) | $ | 135,658 | $ | 253,914 | $ | (127,699) | $ | 126,215 | ||||||||||||||||||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cost of subscription revenues | $ | 5,075 | $ | 5,113 | |||||||
| Cost of professional services and other revenues | 82 | — | |||||||||
| Sales and marketing | 4,032 | 3,680 | |||||||||
| Total amortization expense | $ | 9,189 | $ | 8,793 | |||||||
| Fiscal 2027 (remaining nine months) | $ | 25,320 | |||
| Fiscal 2028 | 19,649 | ||||
| Fiscal 2029 | 19,549 | ||||
| Fiscal 2030 | 17,220 | ||||
| Fiscal 2031 | 14,593 | ||||
| Thereafter | 29,884 | ||||
| $ | 126,215 | ||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Total number of shares repurchased | 1,829,113 | 6,124,046 | |||||||||
Average price per share(1) | $ | 22.17 | $ | 15.20 | |||||||
Aggregate purchase price(1) | $ | 40,551 | $ | 93,107 | |||||||
| Number of Shares | Weighted Average Exercise Price | ||||||||||
| Outstanding, January 31, 2026 | 480,641 | $ | 8.06 | ||||||||
| Expired or forfeited | (1,000) | 14.71 | |||||||||
| Exercised | (67,557) | 7.10 | |||||||||
| Outstanding, April 30, 2026 | 412,084 | $ | 8.20 | ||||||||
| Exercisable, April 30, 2026 | 412,084 | $ | 8.20 | ||||||||
| Fully vested or expected to vest, April 30, 2026 | 412,084 | $ | 8.20 | ||||||||
| Number of Shares | Weighted Average Grant Date Fair Value | ||||||||||
| Nonvested, January 31, 2026 | 6,425,128 | $ | 28.01 | ||||||||
| Granted | 351,006 | 20.58 | |||||||||
| Vested | (946,220) | 32.61 | |||||||||
| Forfeited | (250,711) | 28.72 | |||||||||
| Nonvested, April 30, 2026 | 5,579,203 | $ | 26.55 | ||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Expected life (in years) | 0.50 | 0.50 | |||||||||
| Expected volatility | 40.74% | 39.41% | |||||||||
| Expected dividends | 0.00% | 0.00% | |||||||||
| Risk-free interest rate | 4.25% | 3.58% | |||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cost of subscription revenues | $ | 664 | $ | 655 | |||||||
| Cost of professional services and other revenues | 2,754 | 2,624 | |||||||||
| Sales and marketing | 2,928 | 3,161 | |||||||||
| Research and development | 4,115 | 3,069 | |||||||||
| General and administrative | 5,353 | 4,395 | |||||||||
| Total stock-based compensation expense | $ | 15,814 | $ | 13,904 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Operating lease expense | $ | 1,410 | $ | 1,126 | |||||||
| Variable lease expense | 642 | 356 | |||||||||
| Short-term lease expense | 52 | 32 | |||||||||
| Sublease income | (87) | — | |||||||||
| Total lease expense | $ | 2,017 | $ | 1,514 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ | 1,584 | $ | 1,231 | |||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | — | 195 | |||||||||
| Operating Leases | |||||
| Fiscal 2027 (remaining nine months) | $ | 3,470 | |||
| Fiscal 2028 | 2,544 | ||||
| Fiscal 2029 | 1,821 | ||||
| Fiscal 2030 | 1,328 | ||||
| Fiscal 2031 | 440 | ||||
| Thereafter | 6,766 | ||||
| Total lease liabilities | 16,369 | ||||
| Less: imputed interest | (3,364) | ||||
| Total lease obligations | 13,005 | ||||
| Less: current obligations | (4,204) | ||||
| Long-term lease obligations | $ | 8,801 | |||
| As of January 31, 2026 | As of April 30, 2026 | ||||||||||
Borrowings under revolving credit facility | $ | 213,500 | $ | 63,500 | |||||||
Term loan facility | — | 200,000 | |||||||||
Less: Debt issuance costs(1) | — | (690) | |||||||||
Total debt, net of debt issuance costs | $ | 213,500 | $ | 262,810 | |||||||
Debt, current portion, net | $ | — | $ | 9,803 | |||||||
Debt, noncurrent, net | 213,500 | 253,007 | |||||||||
Total debt | $ | 213,500 | $ | 262,810 | |||||||
| As of April 30, 2026 | ||||||||
| Fiscal Year Ending | ||||||||
| Fiscal 2027 (remaining nine months) | $ | 7,500 | ||||||
| Fiscal 2028 | 10,000 | |||||||
| Fiscal 2029 | 10,000 | |||||||
| Fiscal 2030 | 236,000 | |||||||
Total | $ | 263,500 | ||||||
| Purchase commitments | Financing obligations - leased facility | ||||||||||
| Fiscal 2027 (remaining nine months) | $ | 65,381 | $ | 3,070 | |||||||
| Fiscal 2028 | 79,310 | 4,363 | |||||||||
| Fiscal 2029 | 2,075 | 4,136 | |||||||||
| Fiscal 2030 | 33 | — | |||||||||
| Fiscal 2031 | — | — | |||||||||
| Thereafter | — | — | |||||||||
| Total | $ | 146,799 | $ | 11,569 | |||||||
| Residual financing obligations and assets | 48,053 | ||||||||||
| Less: amount representing interest | (8,725) | ||||||||||
| Financing obligations | $ | 50,897 | |||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Basic net income per share: | |||||||||||
| Numerator | |||||||||||
| Net income attributable to nCino, Inc. | $ | 5,562 | $ | 13,641 | |||||||
| Denominator | |||||||||||
| Weighted-average common shares outstanding, basic | 114,781,654 | 108,502,547 | |||||||||
| Basic net income per share attributable to nCino, Inc. | $ | 0.05 | $ | 0.13 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Diluted net income per share: | |||||||||||
| Numerator | |||||||||||
| Net income attributable to nCino, Inc. | $ | 5,562 | $ | 13,641 | |||||||
| Denominator | |||||||||||
| Weighted-average common shares outstanding, basic | 114,781,654 | 108,502,547 | |||||||||
| Effect of diluted stock options, unvested RSUs, and shares of common stock issuable under the ESPP | 1,797,194 | 955,925 | |||||||||
| Weighted-average common shares outstanding, diluted | 116,578,848 | 109,458,472 | |||||||||
| Diluted net income per share attributable to nCino, Inc. | $ | 0.05 | $ | 0.12 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Stock options issued and outstanding | — | 11,382 | |||||||||
| Nonvested RSUs issued and outstanding | 2,408,572 | 4,459,940 | |||||||||
| Shares issuable pursuant to the ESPP | — | 170,645 | |||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Revenues | $ | 144,137 | $ | 159,414 | |||||||
| Less: | |||||||||||
Adjusted cost of revenues(1) | 49,120 | 50,084 | |||||||||
Adjusted sales and marketing expense(2) | 25,676 | 26,884 | |||||||||
Adjusted research and development expense(3) | 29,136 | 25,438 | |||||||||
Adjusted general and administrative expense(4) | 15,375 | 12,497 | |||||||||
| Interest income | (417) | (366) | |||||||||
| Interest expense | 4,450 | 4,481 | |||||||||
Other (income) expense, net(5) | (16,097) | 333 | |||||||||
Other segment items(6) | 26,343 | 23,392 | |||||||||
Income tax provision | 4,534 | 1,680 | |||||||||
Net income | $ | 6,017 | $ | 14,991 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| United States | $ | 112,550 | $ | 123,007 | |||||||
| United Kingdom | 17,923 | 17,892 | |||||||||
| Other | 13,664 | 18,515 | |||||||||
| $ | 144,137 | $ | 159,414 | ||||||||
| As of January 31, 2026 | As of April 30, 2026 | ||||||||||
| United States | $ | 70,013 | $ | 69,186 | |||||||
| United Kingdom | 16,587 | 15,956 | |||||||||
| Other | 1,694 | 1,528 | |||||||||
| $ | 88,294 | $ | 86,670 | ||||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| ($ in thousands) | |||||||||||
| Revenues: | |||||||||||
| Subscription revenues | $ | 125,588 | $ | 140,929 | |||||||
| Professional services and other revenues | 18,549 | 18,485 | |||||||||
| Total revenues | 144,137 | 159,414 | |||||||||
Cost of revenues: | |||||||||||
| Cost of subscription revenues | 36,125 | 39,244 | |||||||||
| Cost of professional services and other revenues | 21,570 | 19,232 | |||||||||
| Total cost of revenues | 57,695 | 58,476 | |||||||||
| Gross profit | 86,442 | 100,938 | |||||||||
| Operating expenses: | |||||||||||
| Sales and marketing | 32,971 | 33,725 | |||||||||
| Research and development | 33,341 | 28,865 | |||||||||
| General and administrative | 21,643 | 17,229 | |||||||||
| Total operating expenses | 87,955 | 79,819 | |||||||||
| Income (loss) from operations | (1,513) | 21,119 | |||||||||
| Non-operating income (expense): | |||||||||||
| Interest income | 417 | 366 | |||||||||
| Interest expense | (4,450) | (4,481) | |||||||||
| Other income (expense), net | 16,097 | (333) | |||||||||
| Income before income taxes | 10,551 | 16,671 | |||||||||
| Income tax provision | 4,534 | 1,680 | |||||||||
| Net income | 6,017 | 14,991 | |||||||||
| Net income attributable to redeemable non-controlling interest | 76 | 647 | |||||||||
| Adjustment attributable to redeemable non-controlling interest | 379 | 703 | |||||||||
| Net income attributable to nCino, Inc. | $ | 5,562 | $ | 13,641 | |||||||
| Three Months Ended April 30, | |||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||
| Cost of subscription revenues | $ | 664 | $ | 655 | |||||||
| Cost of professional services and other revenues | 2,754 | 2,624 | |||||||||
| Sales and marketing | 2,928 | 3,161 | |||||||||
| Research and development | 4,115 | 3,069 | |||||||||
| General and administrative | 5,353 | 4,395 | |||||||||
| Total stock-based compensation expense | $ | 15,814 | $ | 13,904 | |||||||
| Three Months Ended April 30, | |||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||
| Cost of subscription revenues | $ | 5,075 | $ | 5,113 | |||||||
| Cost of professional services and other revenues | 82 | — | |||||||||
| Sales and marketing | 4,032 | 3,680 | |||||||||
| Total amortization expense | $ | 9,189 | $ | 8,793 | |||||||
| Three Months Ended April 30, | |||||||||||
| 2025 | 2026 | ||||||||||
| Revenues: | |||||||||||
| Subscription revenues | 87.1 | % | 88.4 | % | |||||||
| Professional services and other revenues | 12.9 | 11.6 | |||||||||
| Total revenues | 100.0 | 100.0 | |||||||||
| Cost of revenues (percentage shown in comparison to related revenues): | |||||||||||
| Cost of subscription revenues | 28.8 | 27.8 | |||||||||
| Cost of professional services and other revenues | 116.3 | 104.0 | |||||||||
| Total cost of revenues | 40.0 | 36.7 | |||||||||
| Gross profit | 60.0 | 63.3 | |||||||||
| Operating expenses: | |||||||||||
| Sales and marketing | 22.9 | 21.2 | |||||||||
| Research and development | 23.1 | 18.1 | |||||||||
| General and administrative | 15.0 | 10.8 | |||||||||
| Total operating expenses | 61.0 | 50.1 | |||||||||
| Income (loss) from operations | (1.0) | 13.2 | |||||||||
| Non-operating income (expense): | |||||||||||
| Interest income | 0.3 | 0.2 | |||||||||
| Interest expense | (3.1) | (2.8) | |||||||||
| Other income (expense), net | 11.2 | (0.2) | |||||||||
| Income before income taxes | 7.4 | 10.4 | |||||||||
| Income tax provision | 3.1 | 1.1 | |||||||||
| Net income | 4.3 | % | 9.3 | % | |||||||
| Three Months Ended April 30, | |||||||||||||||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Subscription revenues | $ | 125,588 | 87.1 | % | $ | 140,929 | 88.4 | % | |||||||||||||||
| Professional services and other revenues | 18,549 | 12.9 | 18,485 | 11.6 | |||||||||||||||||||
| Total revenues | $ | 144,137 | 100.0 | % | $ | 159,414 | 100.0 | % | |||||||||||||||
| Three Months Ended April 30, | |||||||||||||||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||||||||||||||
| Cost of revenues (percentage shown in comparison to related revenues): | |||||||||||||||||||||||
| Cost of subscription revenues | $ | 36,125 | 28.8 | % | $ | 39,244 | 27.8 | % | |||||||||||||||
| Cost of professional services and other revenues | 21,570 | 116.3 | 19,232 | 104.0 | |||||||||||||||||||
| Total cost of revenues | $ | 57,695 | 40.0 | $ | 58,476 | 36.7 | |||||||||||||||||
| Gross profit | $ | 86,442 | 60.0 | % | $ | 100,938 | 63.3 | % | |||||||||||||||
| Three Months Ended April 30, | |||||||||||||||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Sales and marketing | $ | 32,971 | 22.9 | % | $ | 33,725 | 21.2 | % | |||||||||||||||
| Research and development | 33,341 | 23.1 | 28,865 | 18.1 | |||||||||||||||||||
| General and administrative | 21,643 | 15.0 | 17,229 | 10.8 | |||||||||||||||||||
| Total operating expenses | 87,955 | 61.0 | 79,819 | 50.1 | |||||||||||||||||||
| Income (loss) from operations | $ | (1,513) | (1.0) | % | $ | 21,119 | 13.2 | % | |||||||||||||||
| Three Months Ended April 30, | |||||||||||||||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||||||||||||||
| Interest income | $ | 417 | 0.3 | % | $ | 366 | 0.2 | % | |||||||||||||||
| Interest expense | (4,450) | (3.1) | (4,481) | (2.8) | |||||||||||||||||||
| Other income (expense), net | 16,097 | 11.2 | (333) | (0.2) | |||||||||||||||||||
| Three Months Ended April 30, | |||||||||||||||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||||||||||||||
| Income tax provision | $ | 4,534 | 3.1 | % | $ | 1,680 | 1.1 | % | |||||||||||||||
| Three Months Ended April 30, | |||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||
| GAAP income (loss) from operations | $ | (1,513) | $ | 21,119 | |||||||
| Adjustments | |||||||||||
| Amortization of intangible assets | 9,189 | 8,793 | |||||||||
| Stock-based compensation expense | 15,814 | 13,904 | |||||||||
| Transaction-related expenses | 1,340 | 695 | |||||||||
| Total adjustments | 26,343 | 23,392 | |||||||||
| Non-GAAP operating income | $ | 24,830 | $ | 44,511 | |||||||
| Three Months Ended April 30, | |||||||||||
| ($ in thousands) | 2025 | 2026 | |||||||||
| Net cash provided by operating activities | $ | 54,320 | $ | 81,405 | |||||||
| Net cash used in investing activities | (48,297) | (614) | |||||||||
| Net cash provided by (used in) financing activities | 2,250 | (65,885) | |||||||||
Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value that May Yet Be Purchased Under the Plans or Programs (1) | |||||||||||||||||||||||
February 1, 2026 to February 28, 2026 | — | $ | — | — | $ | 75,002 | ||||||||||||||||||||
March 1, 2026 to March 31, 2026 | — | — | — | 75,002 | ||||||||||||||||||||||
April 1, 2026 to April 30, 2026 | 6,124,046 | 15.20 | 6,124,046 | 65,002 | ||||||||||||||||||||||
| Total | 6,124,046 | 6,124,046 | ||||||||||||||||||||||||
| nCino, Inc. | |||||||||||
| Date: May 27, 2026 | By: | /s/ Sean Desmond | |||||||||
| Sean Desmond | |||||||||||
| President and Chief Executive Officer | |||||||||||
| (Principal Executive Officer) | |||||||||||
| Date: May 27, 2026 | By: | /s/ Gregory D. Orenstein | |||||||||
| Gregory D. Orenstein | |||||||||||
| Chief Financial Officer & Treasurer | |||||||||||
| (Principal Financial Officer) | |||||||||||
Date: | March 31, 2026 | ||||
| To: | nCino Inc. 6770 Parker Farm Drive Wilmington, NC 28405 | ||||
Attention: | Greg Orenstein | ||||
Phone: | 910-777-5418 | ||||
| From: | Wells Fargo Bank, National Association 30 Hudson Yards New York, NY 10001-2170 Email:CorporateDerivativeNotifications@wellsfargo.com | ||||
Re: | Forward Share Repurchase Transaction | ||||
General Terms: | |||||
Trade Date: | March 31, 2026 | ||||
| Seller: | Wells Fargo | ||||
| Buyer: | Counterparty | ||||
| Shares: | The common stock of Counterparty (the “Issuer”), par value USD 0.0005 per share (Exchange ticker symbol: “NCNO”) | ||||
VWAP Price: | For any Exchange Business Day, the 10b-18 volume-weighted average price per Share at which the Shares trade for the regular trading session (including any extensions thereof) of the Exchange on such Exchange Business Day (without regard to pre-open or after hours trading outside of such regular trading session), as reported by Bloomberg at 4:15 p.m. (New York City time) (or 15 minutes following the end of any extension of the regular trading session) on such Exchange Business Day, on Bloomberg Page “NCNO<Equity> AQR_SEC” (or any successor thereto). If such price is not reported on such Exchange Business Day for any reason or is, in the Calculation Agent’s good faith and commercially reasonable discretion, erroneous, such VWAP Price shall be determined by the Calculation Agent in good faith and in a commercially reasonable manner. | ||||
| Exchange: | The NASDAQ Global Select Market | ||||
Related Exchange(s): | All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word “exchange” in the tenth line of that Section. | ||||
Prepayment/Variable Obligation: | Applicable | ||||
Prepayment Date: | As specified in Appendix A. | ||||
Prepayment Amount: | As specified in Appendix A. | ||||
Initial Shares: | As specified in Appendix A. | ||||
Initial Share Delivery Date: | The Prepayment Date. On the Initial Share Delivery Date, Wells Fargo shall deliver a number of Shares equal to the Initial Shares to Counterparty in accordance with Section 9.4 of the Equity Definitions, with the Initial Share Delivery Date | ||||
deemed to be a “Settlement Date” for purposes of such Section 9.4. | |||||
Valuation Terms: | |||||
Valuation Date(s): | The Scheduled Valuation Date; provided that Wells Fargo shall have the right in its absolute discretion, to accelerate the Valuation Date for all or any part of the Transaction (each, an “Accelerated Valuation Date”) to any date that is on or after the Earliest Acceleration Date, by giving notice prior to 8:00 p.m. (New York City time) on the Exchange Business Day immediately following such date (each, an “Acceleration Notice”). Wells Fargo shall specify in each Acceleration Notice the portion of the Prepayment Amount that is subject to acceleration (which may be less than the full Prepayment Amount). If the portion of the Prepayment Amount that is subject to acceleration is less than the full Prepayment Amount, then the Calculation Agent shall adjust the terms of the Transaction as appropriate in order to take into account the occurrence of such Accelerated Valuation Date (including cumulative adjustments to take into account all prior Accelerated Valuation Dates). | ||||
Scheduled Valuation Date: | As specified in Appendix A, subject to postponement as provided in “Valuation Disruption” below. | ||||
Earliest Acceleration Date: | As specified in Appendix A. | ||||
Calculation Period: | For any Valuation Date, the period from, and including, the Calculation Period Start Date to, and including, such Valuation Date. | ||||
Calculation Period Start Date: | As specified in Appendix A. | ||||
Forward Price: | For any Valuation Date, the arithmetic average of the VWAP Price for each Exchange Business Day during the Calculation Period (subject to “Valuation Disruption” below) minus the Forward Price Adjustment. | ||||
Forward Price Adjustment: | As specified in Appendix A. | ||||
Valuation Disruption: | The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended by replacing the words “at any time during the one-hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time, as the case may be” with “at any time on any Scheduled Trading Day during the Calculation Period or Settlement Valuation Period” in the third line thereof. Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof. | ||||
Notwithstanding anything to the contrary in the Equity Definitions, if a Disrupted Day occurs in the Calculation Period or Settlement Valuation Period, Wells Fargo may elect to extend the Calculation Period or Settlement Valuation Period, as the case may be, by a number of Scheduled Trading Days equal to the number of Disrupted Days during the Calculation Period or Settlement Valuation Period, as applicable. If any such Disrupted Day is a Disrupted Day because of a Market Disruption Event (or a deemed Market Disruption Event as provided herein), Wells Fargo shall determine whether (i) such Disrupted Day is a Disrupted Day in full, in which case the VWAP Price for such Disrupted Day shall not be included for purposes of determining the Forward Price or the Cash Settlement Price, as the case may be, or (ii) such Disrupted Day is a Disrupted Day only in part, in which case the Calculation Agent shall (x) determine the VWAP Price for such Disrupted Day based on trades that are reported during the period of time during which Counterparty could purchase its own shares under Rule 10b-18(b)(2) and are effected pursuant to the conditions of Rule 10b-18(b)(3), each under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on such Disrupted Day taking into account the nature and duration of such Market Disruption Event and (y) determine the Forward Price or Cash Settlement Price, as the case may be, based on an appropriately weighted average instead of an arithmetic average, with such adjustments based on the duration of any Market Disruption Event and the volume, historical trading patterns and price of the Shares. | |||||
Any Exchange Business Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be deemed not to be an Exchange Business Day; if a closure of the Exchange prior to its normal close of trading on any Exchange Business Day is scheduled following the date hereof, then such Exchange Business Day shall be deemed to be a Disrupted Day in full. If a Disrupted Day occurs during the Calculation Period or Settlement Valuation Period, and each of the nine immediately following Scheduled Trading Days is a Disrupted Day (a “Disruption Event”), then the Calculation Agent, in its good faith and commercially reasonable discretion, may deem such Disruption Event (and each consecutive Disrupted Day thereafter) to be either (x) a Potential Adjustment Event in respect of the Transaction or (y) an Additional Termination Event in respect of the Transaction, with Counterparty as the sole Affected Party and the Transaction as the sole Affected Transaction. | |||||
Settlement Terms: | |||||
Settlement Currency: | USD | ||||
Settlement Method: | If the Number of Shares to be Delivered is positive, Physical Settlement shall be applicable to the Transaction. If the Number of Shares to be Delivered is negative, then the | ||||
Counterparty Settlement Provisions in Annex A hereto shall apply to the Transaction. | |||||
Number of Shares to be Delivered: | A number of Shares (rounded down to the nearest whole number) equal to (a) (i) the Prepayment Amount divided by (ii) the greater of (1) the Forward Price as determined on the relevant Valuation Date and (2) USD 1.00, minus (b) the Initial Shares. | ||||
Excess Dividend Amount: | For the avoidance of doubt, all references to the Excess Dividend Amount shall be deleted from Section 9.2(a)(iii) of the Equity Definitions. | ||||
Settlement Date: | The date that is one Settlement Cycle immediately following the relevant Valuation Date, provided that with respect to any Accelerated Valuation Date, the Settlement Date shall be the date that is one Settlement Cycle immediately following the date on which the relevant Acceleration Notice was delivered. | ||||
Representation and Agreement: | Wells Fargo does not, and shall not, make the agreement or the representations set forth in Section 9.11 of the Equity Definitions related to the restrictions imposed by applicable securities laws with respect to any Shares delivered by Wells Fargo to Counterparty under the Transaction. | ||||
Share Adjustments: | |||||
Potential Adjustment Event: | It shall constitute an additional Potential Adjustment Event if the Scheduled Valuation Date for any Transaction is postponed pursuant to “Valuation Disruption” above. Notwithstanding anything to the contrary in Section 11.2(e) of the Equity Definitions, neither an Extraordinary Dividend nor the issuance of additional stock options, restricted stock or restricted stock units in the ordinary course pursuant to Counterparty's employee equity incentive plan or dividend reinvestment plan shall constitute a Potential Adjustment Event. | ||||
Method of Adjustment: | Calculation Agent Adjustment | ||||
Excess Dividend: | Any dividend or distribution on the Shares (other than any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) of the Equity Definitions or any Extraordinary Dividend). | ||||
Extraordinary Dividend: | The cash dividend or distribution per Share, or a portion thereof, declared by Counterparty on the Shares that is classified by the board of directors of Counterparty as an “extraordinary” dividend. For the avoidance of doubt, an Extraordinary Dividend shall not be deemed to be an Excess Dividend. | ||||
Relevant Dividend Period: | The period from and including the Trade Date to and including the Relevant Dividend Period End Date. | ||||
Relevant Dividend Period End Date: | If the Number of Shares to be Delivered is negative, the last day of the Settlement Valuation Period (as defined in Annex A) (if any); otherwise, the final Valuation Date. | ||||
Extraordinary Events: | |||||
Alternative Termination Settlement: | In the event that (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to any Transaction or (b) any Transaction is cancelled or terminated upon the occurrence of an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Master Agreement or a Termination Event of the type described in Section 5(b) of the Master Agreement, in each case that resulted from an event or events outside Counterparty’s control), if either party would owe any amount to the other party pursuant to Section 6(d)(ii) of the Master Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Amount”), then, in lieu of any payment of such Payment Amount, unless Counterparty makes an election to the contrary no later than the Early Termination Date or the date on which such Transaction is terminated or cancelled, Counterparty or Dealer, as the case may be, shall deliver to the other party a number of Shares (or, in the case of a Nationalization, Insolvency or Merger Event, a number of units, each comprising the number or amount of the securities or property that a hypothetical holder of one Share would receive in such Nationalization, Insolvency or Merger Event, as the case may be (each such unit, an “Alternative Delivery Unit”)) with a value equal to the Payment Amount, as determined by the Calculation Agent over a commercially reasonable period of time (and the parties agree that, in making such determination of value, the Calculation Agent may take into account a number of factors, including, without limitation, the market price of the Shares or Alternative Delivery Units on the Early Termination Date or the date of early cancellation or termination, as the case may be, and, if such delivery is made by Dealer, the prices at which Dealer purchases Shares or Alternative Delivery Units to fulfill its delivery obligations under this provision; provided that the purchase prices of Dealer reflect the prevailing market prices of the Shares or Alternative Delivery Unit, as the case may be); provided that in determining the composition of any Alternative Delivery Unit, if the relevant Nationalization, Insolvency or Merger Event involves a choice of consideration to be received by holders, such holder shall be | ||||
deemed to have elected to receive the maximum possible amount of cash; and provided further that Counterparty may elect that the delivery of Shares or Alternative Delivery Units, as the case may be, as provided for herein shall not apply only if Counterparty represents and warrants to Dealer, in writing on the date it notifies Dealer of such election, that, as of such date, Counterparty is not aware of any material non-public information regarding Counterparty or the Shares and is making such election in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws. If delivery of Shares or Alternative Delivery Units, as the case may be, pursuant to this provision is to be made by Counterparty, paragraphs 2 through 7 of Annex A hereto shall apply as if (A) such delivery were a settlement of such Transaction to which Net Share Settlement applied, (B) the Cash Settlement Payment Date were the Early Termination Date or the date of early cancellation or termination, as the case may be, and (C) the Forward Cash Settlement Amount were equal to (x) zero minus (y) the Payment Amount owed by Counterparty. | |||||
Acknowledgment Regarding Adjustments: | For the avoidance of doubt, any adjustment to the terms of the Transaction, or the determination of any amounts due upon termination of the Transaction as a result of a Merger Event or Tender Offer shall take into account, and shall not duplicate the economic effects of, any extension or other adjustment hereunder (including, without limitation, any adjustment in Section 8 below). | ||||
Consequences of Merger Events: | |||||
| Share-for-Share: | Modified Calculation Agent Adjustment | ||||
| Share-for-Other: | Cancellation and Payment | ||||
Share-for Combined: | Component Adjustment | ||||
Tender Offer: | Applicable; provided that Section 12.1(d) of the Equity Definitions shall be amended by replacing “10%” in the third line thereof with “25%” and “voting shares of the Issuer” in the fourth line thereof with “Shares.” | ||||
Consequences of Tender Offers: | |||||
| Share-for-Share: | Modified Calculation Agent Adjustment or Cancellation and Payment, at the commercially reasonable election of Wells Fargo. | ||||
| Share-for-Other: | Modified Calculation Agent Adjustment or Cancellation and Payment, at the commercially reasonable election of Wells Fargo. | ||||
Share-for-Combined: | Modified Calculation Agent Adjustment or Cancellation and Payment, at the commercially reasonable election of Wells Fargo. | ||||
Nationalization, Insolvency or Delisting: | Cancellation and Payment In addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, NYSE American, The NASDAQ Global Select Market, The NASDAQ Global Market or The NASDAQ Capital Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be the Exchange. | ||||
Determining Party: | For all Extraordinary Events, Wells Fargo | ||||
Additional Disruption Events: | |||||
Change in Law: | Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Positions” and (iii) immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”; provided further that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by replacing the parenthetical beginning after the word “regulation” in the second line thereof with the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption or promulgation of new regulations authorized or mandated by existing statute)”. | ||||
Failure to Deliver: | Applicable | ||||
Insolvency Filing: | Applicable | ||||
Increased Cost of Hedging: | Applicable | ||||
Loss of Stock Borrow: | Applicable, it being understood that the rate to borrow Shares shall be determined by reference to the terms of a commercially reasonable share borrowing arrangement and without regard to the Hedging Party’s cost of funding in connection with such borrowings. | ||||
Maximum Stock Loan Rate: | As specified in Appendix A. | ||||
Increased Cost of Stock Borrow: | Applicable, it being understood that the rate to borrow Shares shall be determined by reference to the terms of a commercially reasonable share borrowing arrangement and | ||||
without regard to the Hedging Party’s cost of funding in connection with such borrowings. | |||||
Initial Stock Loan Rate: | As specified in Appendix A. | ||||
Hedging Party: | For all Additional Disruption Events, Wells Fargo or any affiliate of Wells Fargo | ||||
Determining Party: | For all Additional Disruption Events, Wells Fargo | ||||
| Miscellaneous: | |||||
| Non-Reliance: | Applicable | ||||
Agreements and Acknowledgments Regarding Hedging Activities: | Applicable | ||||
Additional Acknowledgments: | Applicable | ||||
3. Calculation Agent: | Wells Fargo; provided that, following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Master Agreement with respect to which is the Defaulting Party, Counterparty shall have the right to designate a nationally recognized, independent dealer in over-the-counter corporate equity derivatives to replace Wells Fargo as Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent. | ||||
4. Account Details: | |||||
Wells Fargo’s USD payment instructions: | ABA: 121 000 248 Wells Fargo Bank, National Association Account: 4087268223 Account Name: Wells Fargo Bank, National Association Additional Instructions: To be provided as needed. | ||||
Wells Fargo’s delivery instructions: | DTC Number: 2072 Agent ID: 52196 Institution ID: 52196 | ||||
Counterparty’s payment and delivery instructions: | To be advised. | ||||
Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to CorporateDerivativeNotifications@wellsfargo.com. | |||||||||||||||||||||||||||||
WELLS FARGO BANK, NATIONAL | NCINO, INC. | ||||||||||||||||||||||||||||
ASSOCIATION | |||||||||||||||||||||||||||||
By: | /s/ Kevin Brillhart | By: | |||||||||||||||||||||||||||
Name: | Kevin Brillhart | Name: | |||||||||||||||||||||||||||
Title: | Managing Director | Title: | |||||||||||||||||||||||||||
Please confirm that the foregoing correctly sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to CorporateDerivativeNotifications@wellsfargo.com. | |||||||||||||||||||||||||||||
WELLS FARGO BANK, NATIONAL | NCINO, INC. | ||||||||||||||||||||||||||||
ASSOCIATION | |||||||||||||||||||||||||||||
By: | By: | /s/ Gregory D. Orenstein | |||||||||||||||||||||||||||
Name: | Name: | Gregory D. Orenstein | |||||||||||||||||||||||||||
Title: | Title: | Chief Financial Officer | |||||||||||||||||||||||||||
Prepayment Date: | April 1, 2026 | ||||
Prepayment Amount: | $100,000,000 | ||||
Initial Shares: | 5,547,850 Shares | ||||
Scheduled Valuation Date: | June 29, 2026 | ||||
Earliest Acceleration Date: | May 29, 2026 | ||||
Calculation Period Start Date: | April 1, 2026 | ||||
Forward Price Adjustment: | $0.3908 | ||||
Ordinary Dividend Amount: | $0.00 | ||||
Maximum Stock Loan Rate: | 250 bps | ||||
Initial Stock Loan Rate: | 25 bps | ||||
Threshold Price: | $4.76 | ||||
Maximum Number of Shares: | 34,674,060 | ||||
1.The following Counterparty Settlement Provisions shall apply to the Transaction to the extent indicated under the Confirmation: | ||||||||||||||
Settlement Currency: | USD | |||||||||||||
Settlement Method Election: | Applicable; provided that (i) Section 7.1 of the Equity Definitions is hereby amended by deleting the word “Physical” in the sixth line thereof and replacing it with the words “Net Share” and (ii) the Electing Party may make a settlement method election only if the Electing Party represents and warrants to Wells Fargo in writing on the date it notifies Wells Fargo of its election that, as of such date, the Electing Party is not aware of any material non-public information regarding Counterparty or the Shares and is electing the settlement method in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws. | |||||||||||||
Electing Party: | Counterparty | |||||||||||||
Settlement Method Election Date: | The earlier of (i) the Scheduled Valuation Date and (ii) the Exchange Business Day immediately following the Accelerated Valuation Date (in which case the election under Section 7.1 of the Equity Definitions shall be made no later than 10 minutes prior to the open of trading on the Exchange on such second Exchange Business Day), as the case may be. | |||||||||||||
Default Settlement Method: | Cash Settlement | |||||||||||||
Forward Cash Settlement Amount: | An amount equal to (i) the Number of Shares to be Delivered, multiplied by (ii) the Cash Settlement Price. | |||||||||||||
Cash Settlement Price: | An amount equal to the sum of the arithmetic average of the VWAP Prices for the Exchange Business Days in the Settlement Valuation Period, subject to Valuation Disruption as specified in the Confirmation. | |||||||||||||
Settlement Valuation Period: | A number of Scheduled Trading Days selected by Wells Fargo in its reasonable discretion, beginning on the Settlement Method Election Date, to unwind a commercially reasonable hedge position. | |||||||||||||
Cash Settlement: | If Cash Settlement is applicable, then Counterparty shall pay to Wells Fargo the absolute value of the Forward Cash Settlement Amount on the Cash Settlement Payment Date. | |||||||||||||
Cash Settlement Payment Date: | The Exchange Business Day immediately following the last day of the Settlement Valuation Period. | |||||||||||||
Net Share Settlement Procedures: | If Net Share Settlement is applicable, Net Share Settlement shall be made in accordance with paragraphs 2 through 7 below. | |||||||||||||
2. Net Share Settlement shall be made by delivery on the Cash Settlement Payment Date of a number of Shares satisfying the conditions set forth in paragraph 3 below (the “Registered Settlement Shares”), or a number | ||||||||||||||
| Date: May 27, 2026 | By: | /s/ Sean Desmond | |||||||||
| Sean Desmond | |||||||||||
| President and Chief Executive Officer | |||||||||||
| Date: May 27, 2026 | By: | /s/ Gregory D. Orenstein | |||||||||
| Gregory D. Orenstein | |||||||||||
| Chief Financial Officer & Treasurer | |||||||||||
| Date: May 27, 2026 | By: | /s/ Sean Desmond | |||||||||
| Sean Desmond | |||||||||||
| President and Chief Executive Officer | |||||||||||
| Date: May 27, 2026 | By: | /s/ Gregory D. Orenstein | |||||||||
| Gregory D. Orenstein | |||||||||||
| Chief Financial Officer & Treasurer | |||||||||||