nCino, Inc. (NASDAQ: NCNO) reported Q4 EPS of ($0.14), $0.05 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $56.6 million versus the consensus estimate of $53.28 million.

Financial Highlights

• Revenues: Total revenues for the fourth quarter were $56.6 million, a 47% increase from $38.5 million in the fourth quarter of fiscal 2020. Subscription revenues for the fourth quarter were $45.0 million, up from $31.5 million one year ago, an increase of 43%. Total revenues for fiscal year 2021 were $204.3 million, a 48% increase from $138.2 million in fiscal year 2020. Subscription revenues for fiscal year 2021 were $162.4 million, up from $103.3 million one year ago, an increase of 57%.
• Loss from Operations: GAAP loss from operations in the fourth quarter was ($13.9) million compared to ($10.0) million in the same quarter of fiscal 2020. Non-GAAP operating loss in the quarter was ($7.5) million compared to ($8.1) million in the fourth quarter of fiscal 2020. GAAP loss from operations for fiscal year 2021 was ($42.6) million compared to ($28.2) million in fiscal year 2020. Non-GAAP operating loss for fiscal year 2021 was ($14.2) million compared to ($20.7) million last fiscal year.
• Net Loss Attributable to nCino: GAAP net loss attributable to nCino in the fourth quarter was ($12.1) million compared to ($9.6) million in the fourth quarter of fiscal 2020. Non-GAAP net loss attributable to nCino in the fourth quarter was ($5.7) million compared to ($7.7) million in the fourth quarter of fiscal 2020. GAAP net loss attributable to nCino for fiscal year 2021 was ($40.5) million compared to ($27.6) million in fiscal year 2020. Non-GAAP net loss attributable to nCino for fiscal year 2021 was ($12.1) million compared to ($20.1) million last fiscal year.
• Net Loss Attributable to nCino per Share: GAAP net loss attributable to nCino in the fourth quarter was ($0.13) per share compared to ($0.12) per share in the fourth quarter of fiscal 2020. Non-GAAP net loss attributable to nCino in the fourth quarter was ($0.06) per share compared to ($0.10) per share in the fourth quarter of fiscal 2020. GAAP net loss attributable to nCino for fiscal year 2021 was ($0.46) per share compared to ($0.35) per share in fiscal year 2020. Non-GAAP net loss attributable to nCino for fiscal year 2021 was ($0.14) per share compared to ($0.26) per share last fiscal year.
• Cash: Cash and cash equivalents were $371.4 million as of January 31, 2021.

“I am extremely pleased with the end to the year as 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,” said Pierre Naudé, CEO of nCino. “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.”

Naudé continued, “I am incredibly proud of the hard work, dedication and commitment from the nCino team over the past year to support our growing global customer base, and we are just getting started. Our success in the fourth quarter positions us for another strong year as we help financial institutions around the globe adopt a cloud strategy so they can compete in today’s remote, digital-first environment.”

GUIDANCE:

nCino, Inc. sees Q1 2022 EPS of ($0.05)-($0.04), versus the consensus of ($0.07). nCino, Inc. sees Q1 2021 revenue of $59-60 million, versus the consensus of $56.24 million.

nCino, Inc. sees FY2022 EPS of ($0.26)-($0.24), versus the consensus of ($0.29). nCino, Inc. sees FY2021 revenue of $253-255 million, versus the consensus of $247.34 million.

Financial Outlook nCino is providing guidance for its first quarter ending April 30, 2021 as follows:

• Total revenues between $59 million and $60 million.
• Subscription revenues between $48.5 million and $49.5 million.
• Professional services revenues between $9.5 and $10.5 million.
• Non-GAAP operating loss between ($4.0) million and ($5.0) million.
• Non-GAAP net loss attributable to nCino per share of ($0.04) to ($0.05).

nCino is providing guidance for its fiscal year 2022 ending January 31, 2022 as follows:

• Total revenues between $253 million and $255 million.
• Subscription revenues between $209 million and $211 million.
• Professional services revenues between $42 million and $44 million.
• Non-GAAP operating loss between ($23.0) million and ($25.0) million.
• Non-GAAP net loss attributable to nCino per share of ($0.24) to ($0.26).

For earnings history and earnings-related data on nCino, Inc. (NCNO) click here.