Cover
Cover | 6 Months Ended |
Jul. 31, 2020 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | nCino, Inc. |
Entity Filer Category | Non-accelerated Filer |
Entity Central Index Key | 0001566895 |
Entity Small Business | false |
Entity Emerging Growth Company | true |
EntityExTransitionPeriod | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 |
Current Assets | |||
Cash and cash equivalents (VIE: $8,635, $8,892 and $0 at July 31, 2020, January 31, 2020 and January 31, 2019 respectively) | $ 388,191 | $ 91,184 | $ 74,347 |
Accounts receivable, less allowance for doubtful accounts of $622, 0 and $123 at July 31, 2020, January 31, 2020 and January 31, 2019 respectively | 30,228 | 34,205 | 25,495 |
Accounts receivable, related parties | 0 | 9,201 | 4,334 |
Costs capitalized to obtain revenue contracts, current portion, net | 4,007 | 3,608 | 0 |
Prepaid expenses and other current assets | 7,152 | 7,079 | 4,991 |
Total current assets | 429,578 | 145,277 | 109,167 |
Property and equipment, net | 14,591 | 13,477 | 10,406 |
Costs capitalized to obtain revenue contracts, noncurrent, net | 7,817 | 7,000 | 0 |
Goodwill | 56,527 | 55,840 | 0 |
Intangible assets, net | 24,636 | 26,093 | 0 |
Other long-term assets | 650 | 2,464 | 393 |
Total assets | 533,799 | 250,151 | 119,966 |
Current Liabilities | |||
Accounts payable | 2,188 | 1,258 | 1,219 |
Accounts payable, related parties | 4,018 | 3,408 | 2,224 |
Accrued commissions | 4,701 | 7,862 | 5,164 |
Other accrued expenses | 4,820 | 4,922 | 2,694 |
Deferred rent, current portion | 208 | 183 | 0 |
Deferred revenue, current portion | 84,288 | 50,929 | 34,172 |
Deferred revenue, current portion, related parties | 8,013 | 6,936 | |
Total current liabilities | 100,223 | 76,575 | 52,409 |
Deferred income taxes, noncurrent | 234 | 194 | 0 |
Deferred rent, noncurrent | 1,468 | 1,558 | 696 |
Deferred revenue, noncurrent | 0 | 825 | |
Other long-term liabilities | 0 | 195 | 0 |
Total liabilities | 101,925 | 78,522 | 53,930 |
Commitments and Contingencies | |||
Redeemable non-controlling interest | 4,384 | 4,356 | 0 |
Stockholders' Equity | |||
Preferred stock, $0.001 par value; 10,000,000, 1,000,000 and 1,000,000 shares authorized as of July 31, 2020, January 31, 2020 and January 31, 2019, respectively; and none issued and outstanding as of July 31, 2020, January 31, 2020 and January 31, 2019, respectively | 0 | 0 | 0 |
Additional paid in capital | 567,314 | 288,564 | 170,771 |
Common stock, value | 46 | 0 | |
Accumulated other comprehensive (loss) income | 202 | (408) | (21) |
Accumulated deficit | (140,072) | (120,924) | (104,752) |
Total stockholders' equity | 427,490 | 167,273 | 66,036 |
Total liabilities, redeemable non-controlling interest, and stockholders' equity | 533,799 | 250,151 | 119,966 |
Affiliated Entity | |||
Current Liabilities | |||
Deferred revenue, current portion | $ 0 | 8,013 | |
Voting Common Stock | |||
Stockholders' Equity | |||
Common stock, value | 38 | 35 | |
Nonvoting Common Stock | |||
Stockholders' Equity | |||
Common stock, value | $ 3 | $ 3 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 |
Cash and cash equivalents (VIE: $8,635, $8,892 and $0 at July 31, 2020, January 31, 2020 and January 31, 2019 respectively) | $ 388,191 | $ 91,184 | $ 74,347 |
Allowance for doubtful accounts | $ 622 | $ 0 | $ 123 |
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | |
Common stock, shares authorized (in shares) | 500,000,000 | 0 | |
Common stock, shares, issued (in shares) | 91,122,356 | 0 | |
Common stock, shares outstanding (in shares) | 91,122,356 | 0 | |
Voting Common Stock | |||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | $ 0.0005 |
Common stock, shares authorized (in shares) | 0 | 99,708,247 | 89,708,247 |
Common stock, shares, issued (in shares) | 0 | 75,596,007 | 70,186,189 |
Common stock, shares outstanding (in shares) | 0 | 75,596,007 | 70,186,189 |
Nonvoting Common Stock | |||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | $ 0.0005 |
Common stock, shares authorized (in shares) | 0 | 10,291,753 | 10,291,753 |
Common stock, shares, issued (in shares) | 0 | 5,931,319 | 5,701,435 |
Common stock, shares outstanding (in shares) | 0 | 5,931,319 | 5,701,435 |
Variable Interest Entity, Primary Beneficiary | |||
Cash and cash equivalents (VIE: $8,635, $8,892 and $0 at July 31, 2020, January 31, 2020 and January 31, 2019 respectively) | $ 8,635 | $ 8,892 | $ 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |||||
Revenues | |||||||||||
Total revenues | $ 48,765 | $ 31,978 | $ 93,477 | $ 61,814 | $ 138,180 | $ 91,534 | $ 58,142 | ||||
Cost of Revenues | |||||||||||
Total cost of revenues | 22,587 | 14,770 | 41,453 | 28,808 | 64,070 | 46,451 | 30,471 | ||||
Gross profit | 26,178 | 17,208 | 52,024 | 33,006 | 74,110 | 45,083 | 27,671 | ||||
Operating Expenses | |||||||||||
Sales and marketing | 15,626 | [1] | 10,453 | [1] | 27,852 | [1] | 18,468 | [1] | 44,440 | 31,278 | 20,954 |
Research and development | 15,292 | [1] | 8,272 | [1] | 26,257 | [1] | 15,638 | [1] | 35,304 | 22,230 | 16,559 |
General and administrative | 10,953 | [1] | 6,430 | [1] | 17,879 | [1] | 10,339 | [1] | 22,536 | 14,791 | 8,933 |
Total operating expenses | 41,871 | 25,155 | 71,988 | 44,445 | 102,280 | 68,299 | 46,446 | ||||
Loss from operations | (15,693) | (7,947) | (19,964) | (11,439) | (28,170) | (23,216) | (18,775) | ||||
Non-operating Income (Expense) | |||||||||||
Interest income | 55 | 265 | 211 | 583 | 988 | 1,193 | 260 | ||||
Other | 1,117 | (618) | 597 | (727) | 33 | (89) | (24) | ||||
Loss before income tax expense | (14,521) | (8,300) | (19,156) | (11,583) | (27,149) | (22,112) | (18,539) | ||||
Income tax expense | 203 | 202 | 400 | 338 | 586 | 194 | 50 | ||||
Net loss | (14,724) | (8,502) | (19,556) | (11,921) | (27,735) | (22,306) | (18,589) | ||||
Net loss attributable to non-controlling interest (Note 3) | (232) | 0 | (408) | 0 | (141) | 0 | 0 | ||||
Adjustment attributable to redeemable non-controlling interest (Note 3) | 154 | 0 | 267 | 0 | |||||||
Net loss attributable to nCino, Inc. | $ (14,646) | $ (8,502) | $ (19,415) | $ (11,921) | $ (27,594) | $ (22,306) | $ (18,589) | ||||
Net loss per share attributable to nCino, Inc.: | |||||||||||
Basic and diluted (in dollars per share) | $ (0.17) | $ (0.11) | $ (0.23) | $ (0.16) | $ (0.35) | $ (0.30) | $ (0.27) | ||||
Weighted average number of common shares outstanding: | |||||||||||
Basic and diluted (in shares) | 84,629,777 | 76,420,098 | 83,112,132 | 76,206,900 | 78,316,794 | 74,593,709 | 68,290,570 | ||||
License and Service | |||||||||||
Revenues | |||||||||||
Total revenues | $ 39,351 | $ 23,110 | $ 74,182 | $ 44,142 | $ 103,265 | $ 64,458 | $ 38,048 | ||||
Cost of Revenues | |||||||||||
Total cost of revenues | 11,920 | [1] | 7,083 | [1] | 22,019 | [1] | 13,585 | [1] | 31,062 | 19,995 | 12,581 |
Professional Services | |||||||||||
Revenues | |||||||||||
Total revenues | 9,414 | 8,868 | 19,295 | 17,672 | 34,915 | 27,076 | 20,094 | ||||
Cost of Revenues | |||||||||||
Total cost of revenues | $ 10,667 | [1] | $ 7,687 | [1] | $ 19,434 | [1] | $ 15,223 | [1] | $ 33,008 | $ 26,456 | $ 17,890 |
[1] | Includes stock-based compensation expense as follows |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Total stock-based compensation expense | $ 13,269 | $ 2,492 | $ 14,320 | $ 3,601 | $ 5,745 | $ 4,095 | $ 3,826 |
Cost of subscription revenues | |||||||
Total stock-based compensation expense | 1,517 | 1,487 | 1,357 | ||||
Sales and marketing | |||||||
Total stock-based compensation expense | 3,346 | 315 | 3,661 | 607 | 1,260 | 1,078 | 940 |
Research and development | |||||||
Total stock-based compensation expense | 3,031 | 305 | 3,340 | 611 | 1,245 | 1,056 | 1,070 |
General and administrative | |||||||
Total stock-based compensation expense | 4,368 | 1,501 | 4,468 | 1,623 | 1,723 | 474 | 459 |
License and Service | |||||||
Revenue from related parties | 0 | 2,112 | 2,439 | 3,867 | 7,768 | 7,929 | 5,411 |
Related party costs | 8,700 | 5,361 | 16,210 | 10,420 | $ 22,844 | $ 15,373 | $ 9,530 |
License and Service | Cost of subscription revenues | |||||||
Total stock-based compensation expense | 242 | 69 | 303 | 137 | |||
Professional Services | Cost of subscription revenues | |||||||
Total stock-based compensation expense | $ 2,282 | $ 302 | $ 2,548 | $ 623 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||||||
Net loss | $ (14,724) | $ (8,502) | $ (19,556) | $ (11,921) | $ (27,735) | $ (22,306) | $ (18,589) |
Other comprehensive income (loss): | |||||||
Foreign currency translation | 467 | 391 | 779 | 449 | (403) | (27) | 6 |
Other comprehensive income | 467 | 391 | 779 | 449 | (403) | (27) | 6 |
Comprehensive loss | (14,257) | (8,111) | (18,777) | (11,472) | (28,138) | (22,333) | (18,583) |
Less comprehensive loss attributable to redeemable non-controlling interest: | |||||||
Net loss attributable to redeemable non-controlling interest | (232) | 0 | (408) | 0 | (141) | 0 | 0 |
Foreign currency translation attributable to redeemable non-controlling interest | 78 | 0 | 169 | 0 | (16) | 0 | 0 |
Comprehensive loss attributable to redeemable non-controlling interest | (154) | 0 | (239) | 0 | (157) | 0 | 0 |
Comprehensive loss attributable to nCino, Inc. | $ (14,103) | $ (8,111) | $ (18,538) | $ (11,472) | $ (27,981) | $ (22,333) | $ (18,583) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Common StockVoting Common Stock | Common StockNonvoting Common Stock | Additional Paid-in Capital | Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Balance, beginning of year (in shares) at Jan. 31, 2017 | 56,311,950 | 10,291,754 | |||||||
Balance, beginning of year at Jan. 31, 2017 | $ 22,634 | $ 28 | $ 5 | $ 86,458 | $ 0 | $ (63,857) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Conversion of non-voting common stock to voting common stock (in shares) | 4,590,319 | (4,590,319) | |||||||
Conversion of non-voting common stock to voting common stock | $ 2 | $ (2) | |||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares) | 5,743,054 | ||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | $ 69,196 | $ 3 | 69,193 | ||||||
Exercise of stock options (in shares) | 695,384 | 695,384 | |||||||
Exercise of stock options | $ 941 | 941 | |||||||
Stock-based compensation | 3,826 | 3,826 | |||||||
Other comprehensive income (loss) | 6 | 6 | |||||||
Net loss | (18,589) | (18,589) | |||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (18,589) | ||||||||
Balance, end of year (in shares) at Jan. 31, 2018 | 67,340,707 | 5,701,435 | |||||||
Balance, end of year at Jan. 31, 2018 | $ 78,014 | $ 33 | $ 3 | 160,418 | 6 | (82,446) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of stock options (in shares) | 2,845,482 | 2,845,482 | |||||||
Exercise of stock options | $ 6,260 | $ 2 | 6,258 | ||||||
Stock-based compensation | 4,095 | 4,095 | |||||||
Other comprehensive income (loss) | (27) | (27) | |||||||
Net loss | (22,306) | (22,306) | |||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (22,306) | ||||||||
Balance, end of year (in shares) at Jan. 31, 2019 | 70,186,189 | 5,701,435 | |||||||
Balance, end of year at Jan. 31, 2019 | 66,036 | $ 11,422 | $ 35 | $ 3 | 170,771 | (21) | (104,752) | $ 11,422 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (3,419) | ||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (3,419) | ||||||||
Balance, end of year (in shares) at Apr. 30, 2019 | 70,318,021 | 5,701,435 | |||||||
Balance, end of year at Apr. 30, 2019 | 75,478 | $ 35 | $ 3 | 172,152 | 37 | (96,749) | |||
Balance, beginning of year (in shares) at Jan. 31, 2019 | 70,186,189 | 5,701,435 | |||||||
Balance, beginning of year at Jan. 31, 2019 | 66,036 | 11,422 | $ 35 | $ 3 | 170,771 | (21) | (104,752) | 11,422 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock issuance related to business combinations (in shares) | 1,438,805 | ||||||||
Stock issuance related to business combinations | 23,812 | $ 1 | 23,811 | ||||||
Exercise of stock options (in shares) | 188,101 | ||||||||
Exercise of stock options | 537 | 537 | |||||||
Stock-based compensation | 3,601 | 3,601 | |||||||
Other comprehensive income (loss) | 449 | 449 | |||||||
Net loss | (11,921) | (11,921) | |||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (11,921) | ||||||||
Balance, end of year (in shares) at Jul. 31, 2019 | 71,813,095 | 5,701,435 | |||||||
Balance, end of year at Jul. 31, 2019 | 93,936 | $ 36 | $ 3 | 198,720 | 428 | (105,251) | |||
Balance, beginning of year (in shares) at Jan. 31, 2019 | 70,186,189 | 5,701,435 | |||||||
Balance, beginning of year at Jan. 31, 2019 | 66,036 | $ 11,422 | $ 35 | $ 3 | 170,771 | (21) | (104,752) | $ 11,422 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares) | 3,448,276 | 229,885 | |||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 79,948 | $ 2 | 79,946 | ||||||
Stock issuance related to business combinations (in shares) | 1,502,772 | ||||||||
Stock issuance related to business combinations | 25,204 | $ 1 | 25,203 | ||||||
Contingent consideration related to business combination | $ 5,857 | 5,857 | |||||||
Exercise of stock options (in shares) | 458,770 | 458,770 | (1) | ||||||
Exercise of stock options | $ 1,042 | 1,042 | |||||||
Stock-based compensation | 5,745 | 5,745 | |||||||
Other comprehensive income (loss) | (387) | (387) | |||||||
Net loss | (27,735) | ||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (27,594) | (27,594) | |||||||
Balance, end of year (in shares) at Jan. 31, 2020 | 0 | 75,596,007 | 5,931,319 | ||||||
Balance, end of year at Jan. 31, 2020 | 167,273 | $ 0 | $ 38 | $ 3 | 288,564 | (408) | (120,924) | ||
Balance, beginning of year (in shares) at Apr. 30, 2019 | 70,318,021 | 5,701,435 | |||||||
Balance, beginning of year at Apr. 30, 2019 | 75,478 | $ 35 | $ 3 | 172,152 | 37 | (96,749) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock issuance related to business combinations (in shares) | 1,438,805 | ||||||||
Stock issuance related to business combinations | 23,812 | $ 1 | 23,811 | ||||||
Exercise of stock options (in shares) | 56,269 | ||||||||
Exercise of stock options | 265 | 265 | |||||||
Stock-based compensation | 2,492 | 2,492 | |||||||
Other comprehensive income (loss) | 391 | 391 | |||||||
Net loss | (8,502) | (8,502) | |||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (8,502) | ||||||||
Balance, end of year (in shares) at Jul. 31, 2019 | 71,813,095 | 5,701,435 | |||||||
Balance, end of year at Jul. 31, 2019 | 93,936 | $ 36 | $ 3 | 198,720 | 428 | (105,251) | |||
Balance, beginning of year (in shares) at Jan. 31, 2020 | 0 | 75,596,007 | 5,931,319 | ||||||
Balance, beginning of year at Jan. 31, 2020 | 167,273 | $ 0 | $ 38 | $ 3 | 288,564 | (408) | (120,924) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares) | 9,269,000 | ||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 268,375 | $ 5 | 268,370 | ||||||
Costs in connection with initial public offering | $ (4,534) | (4,534) | |||||||
Exercise of stock options (in shares) | 326,030 | 500 | 325,530 | ||||||
Exercise of stock options | $ 861 | 861 | |||||||
Reclassification of voting and non-voting common stock (in shares) | 81,852,856 | (75,921,537) | (5,931,319) | ||||||
Reclassification of voting and non-voting common stock | $ 41 | $ (38) | $ (3) | ||||||
Stock-based compensation | 14,320 | 14,320 | |||||||
Other comprehensive income (loss) | 610 | 610 | |||||||
Net loss | (19,556) | ||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (19,415) | (267) | (19,148) | ||||||
Balance, end of year (in shares) at Jul. 31, 2020 | 91,122,356 | 0 | 0 | ||||||
Balance, end of year at Jul. 31, 2020 | 427,490 | $ 46 | $ 0 | $ 0 | 567,314 | 202 | (140,072) | ||
Balance, beginning of year (in shares) at Apr. 30, 2020 | 0 | 75,651,808 | 5,931,319 | ||||||
Balance, beginning of year at Apr. 30, 2020 | 163,898 | $ 0 | $ 38 | $ 3 | 289,624 | (187) | (125,580) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions (in shares) | 9,269,000 | ||||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 268,375 | $ 5 | 268,370 | ||||||
Costs in connection with initial public offering | (4,534) | (4,534) | |||||||
Exercise of stock options (in shares) | 500 | 269,729 | |||||||
Exercise of stock options | 739 | 739 | |||||||
Reclassification of voting and non-voting common stock (in shares) | 81,852,856 | (75,921,537) | (5,931,319) | ||||||
Reclassification of voting and non-voting common stock | $ 41 | $ (38) | $ (3) | ||||||
Stock-based compensation | 13,269 | 13,269 | |||||||
Other comprehensive income (loss) | 389 | 389 | |||||||
Net loss | (14,724) | ||||||||
Net loss attributable to nCino, Inc., including adjustment to redeemable non-controlling interest | (14,646) | (154) | (14,492) | ||||||
Balance, end of year (in shares) at Jul. 31, 2020 | 91,122,356 | 0 | 0 | ||||||
Balance, end of year at Jul. 31, 2020 | $ 427,490 | $ 46 | $ 0 | $ 0 | $ 567,314 | $ 202 | $ (140,072) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock issuance Cost | $ 52 | $ 109 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Cash Flows from Operating Activities | |||||
Net loss attributable to nCino, Inc. | $ (19,415) | $ (11,921) | $ (27,594) | $ (22,306) | $ (18,589) |
Net loss and adjustment attributable to redeemable non-controlling interest | (141) | 0 | (141) | 0 | 0 |
Net loss | (19,556) | (11,921) | (27,735) | (22,306) | (18,589) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 3,500 | 1,451 | 4,609 | 1,458 | 970 |
Amortization of costs capitalized to obtain revenue contracts | 2,430 | 1,532 | 3,243 | 0 | 0 |
Stock-based compensation | 14,320 | 3,601 | 5,745 | 4,095 | 3,826 |
Deferred income taxes | 40 | 76 | 195 | 0 | 0 |
Provision for (recovery of) bad debt | 619 | (105) | (105) | 103 | (329) |
Change in operating assets and liabilities: | |||||
Accounts receivable | 3,365 | 38 | (9,289) | (10,212) | (7,512) |
Accounts receivable, related parties | 9,201 | 4,178 | (4,867) | 4,557 | (4,919) |
Costs capitalized to obtain revenue contracts | (3,615) | (1,836) | (5,631) | 0 | 0 |
Prepaid expenses and other assets | (13) | (131) | (1,628) | (1,185) | (2,124) |
Accounts payable and accrued expenses and other liabilities | (4,115) | (2,085) | 2,286 | 3,922 | 2,252 |
Accounts payable, related parties | 620 | 453 | 1,184 | 781 | (331) |
Deferred rent | (65) | 1,066 | 1,045 | 695 | 0 |
Deferred revenues | 33,188 | 18,173 | 20,873 | 14,214 | 7,096 |
Deferred revenues, related parties | (8,013) | (3,783) | 1,077 | (711) | 3,702 |
Net cash provided by operating activities | 31,906 | 10,707 | (8,998) | (4,589) | (15,958) |
Cash Flows from Investing Activities | |||||
Acquisition of business, net of cash acquired | 0 | (48,219) | (52,267) | 0 | 0 |
Purchases of property and equipment | (2,936) | (2,624) | (5,760) | (7,965) | (2,837) |
Net cash used in investing activities | (2,936) | (50,843) | (58,027) | (7,965) | (2,837) |
Cash Flows from Financing Activities | |||||
Investment from redeemable non-controlling interest | 4,513 | 0 | 0 | ||
Proceeds from initial public offering, net of underwriting discounts and commissions | 268,375 | 0 | |||
Proceeds from stock issuance | 80,000 | 0 | 69,305 | ||
Payments of costs related to initial public offering | (1,345) | 0 | (52) | 0 | (109) |
Exercise of stock options | 861 | 537 | 1,042 | 6,260 | 941 |
Payments of deferred costs | (1,412) | 0 | 0 | ||
Net cash provided by financing activities | 267,891 | 537 | 84,091 | 6,260 | 70,137 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 146 | 534 | (229) | (35) | 12 |
Net (decrease) increase in cash and cash equivalents | 297,007 | (39,065) | 16,837 | (6,329) | 51,354 |
Cash and Cash Equivalents, beginning of period | 91,184 | 74,347 | 74,347 | 80,676 | 29,322 |
Cash and Cash Equivalents, end of period | 388,191 | 35,282 | 91,184 | 74,347 | 80,676 |
Supplemental disclosure of cash flow information | |||||
Cash paid during the year for taxes, net of refunds | 236 | 289 | 369 | 42 | 0 |
Supplemental disclosure of noncash investing and financing activities | |||||
Purchase of property and equipment, accrued but not paid | 86 | 138 | 45 | 118 | 0 |
Deferred costs, accrued but not paid | 357 | 0 | 0 | ||
Fair value of common stock issued as consideration for business acquisition | 0 | 23,812 | 25,204 | 0 | 0 |
Fair value of contingent consideration in connection with business acquisition in other long-term liabilities | 197 | 0 | 0 | ||
Costs related to initial public offering, accrued but not paid | 1,420 | 0 | |||
Fair value of contingent consideration in connection with business acquisition included in equity | $ 5,857 | $ 0 | $ 0 | ||
Costs related to initial public offering, reclassified from other long term assets to equity | $ 1,769 | $ 0 |
Organization and Description of
Organization and Description of Business | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Description of Business | Note 1. Organization and Description of Business Description of Business: software-as-a-service Initial Public Offering: S-1 non-voting Prior to the IPO, deferred offering costs, which consist of legal, accounting, consulting and other direct fees and costs relating to the IPO, were capitalized in other long-term assets. Upon consummation of the IPO, these costs were offset against the proceeds from the IPO and recorded in additional paid-in Fiscal Year End: | Note 1. Organization and Description of Business Description of Business: software-as-a-service The Company was organized as a North Carolina limited liability company named BANKR, LLC on December 13, 2011. On April 3, 2012, the Company was renamed nCino, LLC. The Company was re-incorporated On September 27, 2016, the Company created a wholly-owned subsidiary called nCino GBU, Inc. to facilitate an agreement with a customer. nCino GBU, Inc. was dissolved on August 14, 2018. During the fiscal year ended January 31, 2018, the Company created wholly-owned subsidiaries nCino APAC PTY Ltd, nCino Canada, Inc., and nCino Global Ltd in Australia, Canada, and the United Kingdom, respectively, to expand to Canada, Asia Pacific, and Europe. Fiscal Year End: |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation: The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2021 or any future period. Variable Interest Entity: Redeemable Non-Controlling non-controlling non-controlling non-controlling paid-in-capital. non-controlling Use of Estimates: non-controlling Concentration of Credit Risk and Significant Customers: As of January 31, 2020, two customers represented 22% of accounts receivable, 11% of which was from a customer who is an equity holder. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. As of July 31, 2020, one customer represented 12% of accounts receivable. For the three and six months ended July 31, 2019 and 2020, no individual customer represented more than 10% of the Company’s total revenues. Accounts Receivable and Allowances: non-cancelable, The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable and current market and economic conditions. A summary of activity in the allowance for doubtful accounts is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 167 $ 123 $ — Charged to (recovery of) bad debt expense — 452 (105 ) 619 Write off of uncollectible accounts — — (18 ) — Translation adjustments — 3 — 3 Balance, end of period $ — $ 622 $ — $ 622 Recently Adopted Accounting Guidance: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, ASU 2018-13 In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use 350-40): internal-use 2018-15 In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17 is Recent Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). right-of-use 2018-10, Codification Improvements to Topic 842, Leases, 2016-02, 10-K In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13, 10-K In December 2019, the FASB issued ASU 2019-12, ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 10-K | Note 2. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation: The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. Effective February 1, 2019, the Company adopted the requirement of Accounting Standards Update, or ASU No. 2014-09 2014-09”) Variable Interest Entity: Redeemable Non-Controlling non-controlling non-controlling non-controlling paid-in-capital. non-controlling Use of Estimates: The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates, which were based upon circumstances that existed as of the date of the consolidated financial statements, January 31, 2020. Subsequent to this date, there have been significant changes to the global economic environment as a consequence of the COVID-19 Operating Segments: Concentration of Credit Risk and Significant Customers: For the fiscal year ended January 31, 2018, three customers represented 20% of total revenues, 14% of which was from two customers who are also equity holders in the Company. These three customers also represented 58% of accounts receivable as of January 31, 2018, of which 40% was from the two customers who are also equity holders. For the fiscal year ended January 31, 2019, two customers represented 9% of total revenues, 4% of which was also from a customer who is an equity holder in the Company. These two customers also represented 29% of accounts receivable as of January 31, 2019, of which 14% was from the customer who is an equity holder. For the fiscal year ended January 31, 2020, two customers represented 6% of total revenues, 3% of which was also from a customer who is an equity holder in the Company. These two customers also represented 22% of accounts receivable as of January 31, 2020, of which 11% was from the customer who is an equity holder. Revenue Recognition The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenues when, or as, the Company satisfies a performance obligation Subscription Revenues Subscription revenues primarily consist of fees for providing customers access to the Company’s cloud applications, with routine customer support and maintenance related to email and phone support, bug fixes, and unspecified software updates and upgrades released when and if available during the maintenance term. Revenues are generally recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer, which the Company believes best reflects the manner in which the Company’s customers utilize the Company’s subscription offerings. Arrangements with customers do not provide the customer with the right to take possession of the software supporting the cloud-based application service at any time and, as a result, are accounted for as a service contract. Generally, the Company’s subscription contracts are three years or longer in length, billed annually in advance, are non-cancelable Professional Services Revenues Professional services revenues primarily consist of fees for deployment, configuration and optimization services, as well as training. The majority of the Company’s professional services contracts are billed on a fixed price basis, and revenues are recognized over time based on a proportional performance methodology which utilizes input methods. A portion of the Company’s professional services contracts are billed on a time and materials basis and revenues are recognized over time as the services are performed. Contracts with Multiple Performance Obligations Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“SSP”) basis. The Company determines SSP by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include the Company’s discounting practices, the size and volume of the Company’s transactions, the customer demographic, the geographic area where services are sold, price lists, the Company’s go-to-market go-to-market Given the variability of pricing, the Company uses a range of SSP. The Company determines the SSP range using information that may include market conditions or other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of products and services by customer size. Costs Capitalized to Obtain Revenue Contracts As part of its adoption of ASU 2014-09, non-cancelable 2014-09 Under ASU 2014-09, non-cancelable Judgments Contracts with customers may include multiple services requiring allocation of the transaction price across the different performance obligations. Standalone selling price is established by maximizing the amount of observable inputs, primarily actual historical selling prices for performance obligations where available and includes consideration of factors such as go-to-market Capitalized costs to obtain a contract are amortized over the expected period of benefit, which the Company has determined, based on analysis, to be approximately 4 years. The Company evaluated qualitative and quantitative factors to determine the period of amortization, including contract length, renewals, customer life and the useful lives of our products and acquired products. When the expected period of benefit of an asset which would be capitalized is less than one year, the Company expenses the amount as incurred, utilizing the practical expedient. The Company regularly evaluates whether there have been changes in the underlying assumptions and data used to determine the amortization period. At times, the Company provides credits or incentives to its customers. Known and estimable credits and incentives represent a form of variable consideration, which are determined at contract inception and reduce the revenues recognized for a particular contract. At the end of each reporting period, the Company reviews and updates its estimates as additional information becomes available. The Company believes that there will not be significant changes to its estimates of variable consideration as of January 31, 2020. The Company evaluates whether it is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis) with respect to vendor reseller agreements pursuant to which the Company resells certain third-party solutions along with the Company’s solutions. Generally, the Company reports revenues from these types of contracts on a gross basis, meaning the amounts billed to customers are recorded as revenues and expenses incurred are recorded as cost of revenues. Where the Company is the principal, it first obtains control of the inputs to the specific good or service and directs their use to create the combined output. The Company’s control is evidenced by its involvement in the integration of the good or service on its platform before it is transferred to its customers and is further supported by the Company being primarily responsible to its customers and having a level of discretion in establishing pricing. Revenues provided from agreements in which the Company is an agent are immaterial. Deferred Revenue: non-cancellable non-refundable non-cancellable 12-month Payment terms vary by contract, although terms generally include a requirement of payment within 30 to 45 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined contracts generally do not include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable ways of purchasing services, such as invoicing at the beginning of a subscription term with revenues recognized ratably over the contract period, and not to provide financing to customers. Any implied financing costs are considered insignificant in the context of the Company’s contracts. Cash and Cash Equivalents: Accounts Receivable and Allowances: 2014-09, non-cancelable, The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable and current market and economic conditions. A summary of activity in the allowance for doubtful accounts is as follows: Fiscal Year Ended 2018 2019 2020 Balance, beginning of period $ 349 $ 20 $ 123 Charged to (recovery of) bad debt expense (329 ) 110 (105 ) Write offs and others — (7 ) (18 ) Balance, end of period $ 20 $ 123 $ — Costs Capitalized to Obtain Revenue Contracts: 2014-09 Property and Equipment: Asset Classification Estimated Useful Life Furniture and fixtures 3-7 Computers and equipment 3 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization are removed from their respective accounts, and any gain or loss on such retirement is reflected in operating expenses. Capitalized Software Costs: internal-use Intangible Assets: Impairment Assessment Goodwill: 2017-04, “Simplifying the Test for Goodwill Impairment” 2017-04 The Company determines the fair value of a reporting unit using a discounted cash flow analysis that is corroborated by a market-based approach. Determining fair value requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the discounted cash flow analyses are based on the most recent budget and long-term forecast. The discount rates used in the discounted cash flow analyses are intended to reflect the risks inherent in the future cash flows of the respective reporting units. The market comparable approach estimates fair value using market multiples of various financial measures compared to a set of comparable public companies and recent comparable transactions. Business Combinations tax-related For acquisitions involving additional consideration to be transferred to the selling parties in the event certain future events occur or conditions are met (“contingent consideration”), the Company recognizes the acquisition-date fair value of contingent consideration as part of the consideration transferred in exchange for the business combination. Contingent consideration meeting the criteria to be classified as equity in the consolidated balance sheets is not remeasured, and its subsequent settlement is recorded within stockholders’ equity. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, with any changes in fair value recognized in the Company’s consolidated statements of operations. Deferred Rent: non-cancelable Cost of Revenues: Advertising: Income Taxes: Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not The Company follows the accounting standards on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not de-recognition, When and if applicable, potential interest and penalties are accrued as incurred, within income tax expense. Other Comprehensive Income (Loss): Foreign Currency Exchange: Stock-Based Compensation: Compensation – Stock Compensation Basic and Diluted Loss per Common Share: Diluted loss per share is calculated by giving effect to all potentially dilutive common stock, which is comprised of stock options and restricted stock units, when determining the weighted-average number of common shares outstanding. For purposes of the diluted loss per share calculation, basic and diluted loss per share were the same, as the effect of all potentially dilutive securities would have been anti-dilutive. Recently Adopted Accounting Guidance: On May 28, 2014, the FASB issued ASU 2014-09 2014-09 340-40, The Company adopted the requirements of ASU 2014-09 As of January 31, Topic 606 As of February 1, Accounts receivable, less allowance for doubtful accounts (1) $ 25,495 $ (1,978 ) $ 23,517 Costs capitalized to obtain revenue contracts, current portion, net — 2,879 2,879 Costs capitalized to obtain revenue contracts, noncurrent, net — 5,330 5,330 Total assets $ 119,966 $ 6,231 $ 126,197 Deferred revenue, current portion 34,172 (4,366 ) 29,806 Deferred revenue, noncurrent 825 (825 ) — Total liabilities $ 53,930 $ (5,191 ) $ 48,739 Stockholders’ Equity: Accumulated deficit $ (104,752 ) $ 11,422 $ (93,330 ) (1) Unbilled accounts receivable previously included in Accounts receivable, less allowance for doubtful accounts before the adoption of Topic 606. The Company recognized the cumulative effect of initially applying the new revenue standard as a positive adjustment to the opening balance of accumulated deficit on the consolidated balance sheet in the amount of $11.4 million, which reflects the acceleration of revenues and deferral of costs capitalized to obtain revenue contracts. The following is a summary of the adoption impacts of the new revenue standard: • The Company capitalized $8.2 million of contract acquisition costs comprised of sales commissions at the adoption date with a corresponding adjustment to accumulated deficit. The Company is amortizing these costs over their respective expected period of benefit. • Upon adoption, the Company recorded a decrease in deferred revenue of $5.2 million and a decrease of $2.0 million in receivables that were recorded to accumulated deficit. Adoption of the new revenue standard impacted the Company’s consolidated statement of operations for the year ended January 31, 2020 as follows: As reported Topic 606 Amounts without Subscription $ 103,265 $ 2,351 $ 105,616 Professional services 34,915 (1,901 ) 33,014 Total revenues 138,180 450 138,630 Subscription 31,062 914 31,976 Professional services 33,008 (8 ) 33,000 Total cost of revenues 64,070 906 64,976 Gross profit 74,110 (456 ) 73,654 Sales and marketing 44,440 2,404 46,844 Research and development 35,304 (21 ) 35,283 Total operating expenses 102,280 2,383 104,663 Net loss attributable to nCino, Inc. $ (27,594 ) $ (2,839 ) $ (30,433 ) Basic and diluted net loss per share $ (0.35 ) $ 0.04 $ (0.39 ) Adoption of the new revenue standard impacted the Company’s consolidated balance sheet as of January 31, 2020 as follows: As reported Topic 606 Amounts without Accounts receivable, less allowance for doubtful accounts $ 34,205 $ 260 $ 34,465 Costs capitalized to obtain revenue contracts, current portion, net 3,608 (3,608 ) — Costs capitalized to obtain revenue contracts, noncurrent, net 7,000 (7,000 ) — Total assets 249,894 (10,348 ) 239,546 Deferred revenue, current portion 50,929 3,923 54,852 Total liabilities 78,517 3,923 82,440 Stockholders’ Equity: Accumulated other comprehensive loss (408 ) (10 ) (418 ) Accumulated deficit (120,924 ) (14,261 ) (135,185 ) The adoption of ASU 2014-09 2014-09 The most significant impact of the new revenue standard relates to the capitalization of certain incremental costs to acquire contracts and the requirement to amortize these amounts over the expected period of benefit. Under the previous standard, the Company expensed costs related to the acquisition of revenue generating contracts as incurred. There was impact from arrangements with customers that include subscription services bundled with professional services driven by a change in allocation of transaction value amongst performance obligations under the new standard. Additionally, there was impact from the Company’s acquisitions which are not material to the Company’s overall revenues. These consisted of principal versus agent consideration (reporting revenues gross vs. net – approximately a $0.9 million decrease to subscription revenues and cost of revenues to present net under ASU 2014-09) Other impacts to policies and disclosures include deferred recognition of revenues for certain contracts, the requirement to estimate variable consideration for certain arrangements, increased allocation of revenues to and from professional services and other offerings and changes to financial statement disclosures such as new disclosures related to remaining performance obligations. However, the timing and pattern of revenue recognition related to professional services remain substantially unchanged. The Company utilized the transitional practical expedient provisions in adopting ASU 2014-09 The Company also adopted the following ASUs effective February 1, 2019, none of which had a material impact on the Company’s consolidated financial statements. • ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments • ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory • ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment • ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Recent Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). right-of-use 2018-10, Codification Improvements to Topic 842, Leases, 2016-02, In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, 2018-13 In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use 350-40): internal-use 2018-15 In October 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17 In December 2019, the FASB issued ASU 2019-12, ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 |
Variable Interest Entity and Re
Variable Interest Entity and Redeemable Non-Controlling Interest | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Noncontrolling Interest [Abstract] | ||
Variable Interest Entity and Redeemable Non-Controlling Interest | Note 3. Variable Interest Entity and Redeemable Non-Controlling In October 2019, the Company entered into an agreement with Japan Cloud Computing, L.P. and M30 LLC (collectively, the “Investors”) to engage in the investment, organization, management, and operation of nCino K.K. that is focused on the distribution of the Company’s products in Japan. In October 2019, the Company initially contributed $4.7 million in cash in exchange for 51% of the outstanding common stock of nCino K.K. As of July 31, 2020, the Company controls a majority of the outstanding common stock in nCino K.K. All of the common stock held by the Investors is callable by the Company or puttable by the Investors at the option of the Investors or at the option of the Company beginning on the eighth anniversary of the agreement with the Investors. Should the call or put option be exercised, the redemption value would be determined based on a prescribed formula derived from the discrete revenues of nCino K.K. and the Company and may be settled, at the Company’s discretion, with Company stock or cash or a combination of the foregoing. As a result of the put right available to the Investors, the redeemable non-controlling non-controlling paid-in non-controlling The following table summarizes the activity in the redeemable non-controlling Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 4,384 $ — $ 4,356 Net loss attributable to redeemable non-controlling — (232 ) — (408 ) Foreign currency translation — 78 — 169 Adjustment to redeemable non-controlling — 154 — 267 Balance, end of period $ — $ 4,384 $ — $ 4,384 | Note 3. Variable Interest Entity and Redeemable Non-Controlling In October 2019, the Company entered into an agreement with Japan Cloud Computing, L.P. and M30 LLC (collectively, the “Investors”) to engage in the investment, organization, management, and operation of nCino K.K. that is focused on the distribution of the Company’s products in Japan. In October 2019, the Company initially contributed approximately $4.7 million in cash in exchange for 51% of the outstanding common stock of nCino K.K. As of January 31, 2020, the Company controls a majority stake in nCino K.K. All of the common stock held by the Investors is callable by the Company or puttable by the Investors upon certain contingent events. Should the call or put option be exercised, the redemption value would be determined based on a prescribed formula derived from the discrete revenues of nCino K.K. and the Company and may be settled, at the Company’s discretion, with Company stock, if the Company is public at that time, or cash. As a result of the put right available to the redeemable non-controlling non-controlling non-controlling paid-in-capital. non-controlling The following table summarizes the activity in the redeemable non-controlling Balance as of January 31, 2019 $ — Investment by redeemable non-controlling 4,513 Net loss attributable to redeemable non-controlling (141 ) Foreign currency translation (16 ) Balance as of January 31, 2020 $ 4,356 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Fair Value of Financial Instruments | Note 4. Fair Value of Financial Instruments The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1. Level 2. Level 3. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value as of January 31, 2020 and July 31, 2020 because of the relatively short duration of these instruments. The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2020 and July 31, 2020 and indicates the fair value hierarchy of the valuation: Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 67,119 $ — $ — Total assets $ 67,119 $ — $ — Liabilities: Contingent consideration (included in other long-term liabilities) $ — $ — $ 195 Total liabilities $ — $ — $ 195 Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 353,857 $ — $ — Total assets $ 353,857 $ — $ — Liabilities: Contingent consideration (included in other accrued expenses) $ — $ — $ 209 Total liabilities $ — $ — $ 209 All of the Company’s money market accounts are classified within Level 1 because the Company’s money market accounts are valued using quoted market prices in active exchange markets including identical assets. The Company added contingent consideration, a Level 3 measurement, on October 18, 2019 with the acquisition of FinSuite Pty Ltd. Changes in fair value of the contingent consideration are recorded in the unaudited condensed consolidated statements of operations within other income. The Company’s contingent consideration is valued using a probability weighted discounted cash flow analysis. A reconciliation of the balance for contingent consideration obligations for the three and six months ended July 31, 2020 is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 190 $ — $ 195 Acquisitions — — — — Change in fair value — — — — Translation adjustments — 19 — 14 Balance, end of period $ — $ 209 $ — $ 209 | Note 4. Fair Value of Financial Instruments The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1. Level 2. Level 3. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value as of January 31, 2019 and 2020 because of the relatively short duration of these instruments. The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2019 and 2020 and indicates the fair value hierarchy of the valuation: Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 59,630 $ — $ — Total assets $ 59,630 $ — $ — Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 67,119 $ — $ — Total assets $ 67,119 $ — $ — Liabilities: Contingent consideration (included in other long-term liabilities) $ — $ — $ 195 Total liabilities $ — $ — $ 195 All of the Company’s money market accounts are classified within Level 1 because the Company’s money market accounts are valued using quoted market prices in active exchange markets including identical assets. The Company added contingent consideration, a Level 3 measurement, on October 18, 2019 with the acquisition of FinSuite Pty Ltd. Changes in fair value of the contingent consideration are recorded in the consolidated statements of operations within other income. The Company’s contingent consideration is valued using a probability weighted discounted cash flow analysis. Refer to Note 7, Business Combinations, for additional detailed discussion. A reconciliation of the beginning and ending balances for contingent consideration obligations are as follows: Balance as of January 31, 2018 $ — Acquisitions — Change in fair value — Translation adjustments — Balance as of January 31, 2019 — Acquisitions 197 Change in fair value — Translation adjustments (2 ) Balance as of January 31, 2020 $ 195 |
Revenues
Revenues | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenues | Note 5. Revenues Revenues by Geographic Area Revenues by geographic region were as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 United States $ 29,653 $ 44,049 $ 57,332 $ 84,520 International $ 2,325 $ 4,716 $ 4,482 $ 8,957 $ 31,978 $ 48,765 $ 61,814 $ 93,477 Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. No country outside the United States represented 10% or more of total revenues. Contract Amounts Accounts Receivable Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2020 and July 31, 2020: As of January 31, As of July 31, Trade accounts receivable $ 32,686 $ 29,082 Unbilled accounts receivable 1,425 1,321 Allowance for doubtful accounts — (622 ) Other accounts receivable 94 447 Total accounts receivable, net $ 34,205 $ 30,228 Deferred Revenue and Remaining Performance Obligation Significant movements in the deferred revenue balance during the period consisted of increases due to payments received prior to transfer of control of the underlying performance obligations to the customer, which were offset by decreases due to revenues recognized in the period. During the six months ended July 31, 2020, $43.1 million of revenues were recognized that were included in the balance of deferred revenue as of January 31, 2020. Transaction price allocated to remaining performance obligations represents contracted revenues that have not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenues in future periods. Transaction price allocated to the remaining performance obligation is influenced by several factors, including the timing of renewals, average contract terms and foreign currency exchange rates. The Company applies practical expedients to exclude amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights, and any estimated amounts of variable consideration that are subject to constraint. Remaining performance obligations were $455.7 million as of July 31, 2020. The Company expects to recognize 66% of its remaining performance obligation as revenues in the next 24 months, 30% more in the following 25 to 48 months, and the remainder thereafter. | Note 5. Revenues Revenue by Geographic Area Revenue by geographic region were as follows: Fiscal Year Ended January 31, 2018 2019 2020 United States $ 58,075 $ 87,328 $ 127,192 International 67 4,207 10,988 $ 58,142 $ 91,534 $ 138,180 Revenues by geography are determined based on the region of the Company’s contracting entity, which may be different than the region of the customer. No countries outside the United States represented 10% or more of total revenues. Contract Amounts Accounts Receivable Unbilled accounts receivable were included in accounts receivable before the adoption of ASU 2014-09. As of January 31, 2019 2020 Trade accounts receivable $ 21,999 $ 32,686 Unbilled accounts receivable 3,589 1,425 Other accounts receivable 30 94 Allowances (123 ) — Total accounts receivable, net $ 25,495 $ 34,205 Deferred Revenue and Remaining Performance Obligation Significant movements in the deferred revenue balance during the period consisted of increases due to payments received prior to transfer of control of the underlying performance obligations to the customer and deferred revenue assumed through business combinations, which were offset by decreases due to revenue recognized in the period. During the year ended January 31, 2020, approximately $36.7 million of revenue was recognized that was included in the adjusted opening balance of deferred revenue as of February 1, 2019. Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and unbilled amounts that will be recognized as revenue in future periods. Transaction price allocated to the remaining performance obligation is influenced by several factors, including the timing of renewals, average contract terms and foreign currency exchange rates. The Company applied practical expedients to exclude amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights, and any estimated amounts of variable consideration that are subject to constraint in accordance with the new revenue standard. Remaining performance obligations were approximately $431.5 million as of January 31, 2020. The Company expects to recognize approximately 59% of its remaining performance obligation as revenues in the next 24 months, approximately 34% more in the following 25 to 48 months, and the remainder thereafter. Costs Capitalized to Obtain Revenue Contracts During the fiscal year ended January 31, 2020, we amortized $0.01 million of capitalized contract acquisition costs into costs of revenues – professional services, $0.02 million within research and development and $3.2 million within sales and marketing expense. We did not incur any impairment losses. The opening balance of capitalized contract acquisition costs as of February 1, 2019 was $8.2 million. As of January 31, 2020, the balance of capitalized contract acquisition costs was $10.6 million, of which $7.0 million was long-term in the consolidated balance sheets. The remaining balance of the capitalized costs to obtain contracts was current. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jan. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment, net consisted of the following: As of January 31, 2019 2020 Furniture and fixtures $ 4,407 $ 5,279 Computers and equipment 2,743 3,907 Leasehold Improvements 6,834 8,436 Construction-in-progress 42 2,055 14,026 19,677 Less accumulated depreciation (3,620 ) (6,200 ) $ 10,406 $ 13,477 The Company recognized depreciation expense as follows: Fiscal Year Ended January 31, 2018 2019 2020 Cost of revenues $ 346 $ 534 $ 949 Sales and marketing 238 368 739 Research and development 270 383 835 General and administrative 116 173 338 Total depreciation expense $ 970 $ 1,458 $ 2,861 Subsequent to January 31, 2020, the Company entered into commitments in the amount of $1.2 million for additional furniture and fixtures and leasehold improvements. |
Business Combinations
Business Combinations | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Business Combinations [Abstract] | ||
Business Combinations | Note 6. Business Combinations Visible Equity, LLC On July 8, 2019, the Company acquired all outstanding membership interests of Visible Equity, LLC (“Visible Equity”) which provides financial analytics, portfolio management and compliance solutions to banks and credit unions. The Company acquired Visible Equity for its product offerings and the domain expertise of its employees. Visible Equity is headquartered in Salt Lake City, Utah. The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to members $ 49,428 Voting common stock issued (1,438,805 shares) 23,812 Total consideration $ 73,240 The transaction was accounted for using the acquisition method and, as a result, assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The measurement period ended one year from the acquisition date. Finsuite Pty Ltd On October 18, 2019, the Company, through its wholly-owned subsidiary, nCino APAC Pty Ltd, acquired all of the outstanding shares of FinSuite Pty Ltd (“FinSuite”). The Company acquired FinSuite to enhance the Company’s data recognition capabilities, including of complex, unstructured data. FinSuite is headquartered in Melbourne, Australia. The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to shareholders $ 3,928 Cash consideration to settle debt 137 Voting common stock issued (63,967 shares) 1,392 Contingent consideration—cash payment 197 Contingent consideration—voting common stock 5,857 Total consideration $ 11,511 The transaction was accounted for using the acquisition method and, as a result, assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The measurement period will end one year from the acquisition date. Contingent consideration includes two tranches of earn-out earn-out Earn-Out”). Earn-Out earn-out Earn-Out”). Earn-Out Earn-Out Earn-Out. The cash portion of the contingent consideration of $0.2 million is included in other long-term liabilities and other accrued expenses in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2020 and July 31, 2020, respectively. The share portion of the contingent consideration was recorded as of the acquisition date and is reflected as a component of stockholders’ equity in the accompanying unaudited condensed consolidated balance sheet as of January 31, 2020 and July 31, 2020. | Note 7. Business Combinations Visible Equity, LLC On July 8, 2019, the Company acquired all outstanding membership interests of Visible Equity, LLC (“Visible Equity”) which provides financial analytics, portfolio management and compliance solutions to banks and credit unions. The Company acquired Visible Equity for its product offerings and the domain expertise of its employees. Visible Equity is headquartered in Salt Lake City, Utah. The Company has included the financial results of Visible Equity in the consolidated statements of operations from the date of acquisition. The transaction costs associated with the acquisition were approximately $0.8 million and were primarily recorded in general and administrative expenses. The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to members $ 49,428 Voting common stock issued (1,438,805 shares) 23,812 Total consideration $ 73,240 The fair value of the Company’s voting common stock was determined by management to be $16.55 per share with the assistance of a third-party valuation specialist. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition: Fair Cash and cash equivalents $ 1,209 Accounts receivable 1,177 Other current and noncurrent assets 574 Intangible assets 25,500 Goodwill 46,584 Accounts payable, accrued expenses and other liabilities, current and noncurrent (1,804 ) Net assets acquired $ 73,240 The transaction was accounted for using the acquisition method and as a result, assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The following table sets forth the components of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the date of acquisition: Fair Useful Developed technology $ 3,800 4 years Customer relationships 21,600 13 years Trademarks 100 < 1 year Total intangible assets subject to amortization $ 25,500 Developed technology represents the fair value of Visible Equity’s technology. Customer relationships represent the fair value of the underlying relationships with Visible Equity’s customers. Trademarks represent the fair value of Visible Equity’s company name. Goodwill is mainly attributable to synergies expected from the acquisition and assembled workforce and is expected to be deductible for tax purposes. The results of operations of Visible Equity since the acquisition are included in our consolidated statements of operations for the year ended January 31, 2020. The revenues and results of operations attributable to Visible Equity for the period from the date of acquisition, July 8, 2019 through January 31, 2020 were $5.6 million and a $1.7 million loss, respectively. Finsuite Pty Ltd On October 18, 2019, the Company, through its wholly-owned subsidiary, nCino APAC Pty Ltd, acquired all of the outstanding shares of FinSuite Pty Ltd (“FinSuite”). The Company acquired FinSuite to enhance the Company’s data recognition capabilities, including complex, unstructured data. FinSuite is headquartered in Melbourne, Australia. The Company has included the financial results of FinSuite in the consolidated statement of operations from the date of acquisition. The transaction costs associated with the acquisition were approximately $0.3 million and are included in general and administrative expenses in the consolidated statement of operations for the fiscal year ended January 31, 2020. The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to shareholders $ 3,928 Cash consideration to settle debt 137 Voting common stock issued (63,967 shares) 1,392 Contingent consideration – cash payment 197 Contingent consideration – voting common stock 5,857 Total consideration $ 11,511 The fair value of the Company’s voting common stock was determined by management to be $21.75 per share based upon the transaction price of the Company’s capital raise in September 2019, which is indicative of an observable price in the Company’s principal market at the time of acquisition. Contingent consideration includes two tranches of earn-out earn-out Earn-Out”). Earn-Out earn-out Earn-Out”). Earn-Out Earn-Out Earn-Out. The fair value of the contingent consideration at the date of acquisition, approximately $6.0 million, was determined based upon a probability-weighted discounted cash flow model. The cash portion of the contingent consideration, $0.2 million, was recorded as of the acquisition date and is included in other long-term liabilities in the accompanying consolidated balance sheet as of January 31, 2020. The share portion of the contingent consideration was recorded as of the acquisition date and is reflected as a component of stockholders’ equity in the accompanying consolidated balance sheet as of January 31, 2020. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition: Fair Value Cash and cash equivalents $ 17 Accounts receivable 78 Other current and noncurrent assets 301 Intangible assets 2,376 Goodwill 9,405 Accounts payable, accrued expenses and other liabilities, current and noncurrent (666 ) Net assets acquired $ 11,511 The transaction was accounted for using the acquisition method and as a result, assets acquired and liabilities assumed were recorded at their estimated fair values at the acquisition date. Any excess consideration over the fair value of the assets acquired and liabilities assumed was recognized as goodwill. The following table sets forth the components of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the date of acquisition: Fair Value Useful Life Developed technology $ 2,244 4 years Customer relationships 107 13 years Trademarks 25 < 1 year Total intangible assets subject to amortization $ 2,376 Developed technology represents the fair value of FinSuite’s technology. Customer relationships represent the fair value of the underlying relationships with FinSuite’s customers. Trademarks represent the fair value of FinSuite’s company name. Goodwill is mainly attributable to synergies expected from the acquisition and assembled workforce and is not expected to be deductible for tax purposes. The results of operations of FinSuite since the acquisition are included in the Company’s consolidated statements of operations for the year ended January 31, 2020. The revenues and results of operations attributable to FinSuite for the period from the date of acquisition, October 18, 2019 through January 31, 2020 were $0.8 million and $0.3 million income, respectively. The pro forma statements of operations for the years ended January 31, 2019 and January 31, 2020, shown in the table below, give effect to the Visible Equity and FinSuite acquisitions, described above, as if they had occurred on February 1, 2018. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Visible Equity and FinSuite to reflect the intangible amortization, stock-based compensation, and related items, and the adjustments to acquired deferred revenue that would have occurred assuming the fair value adjustments had been applied and incurred since February 1, 2018. This pro forma data is presented for informational purposes only and is not indicative of future results of operations. The table below shows the pro forma statements of operations for the respective years ending January 31: (Unaudited) 2019 2020 Revenues $ 102,244 $ 142,958 Net loss attributable to nCino, Inc. (24,954 ) (27,647 ) |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible Assets and Goodwill | Note 7. Intangible Assets and Goodwill Intangible assets Intangible assets, net are as follows: As of January 31, 2020 As of July 31, 2020 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Acquired developed technology $ 6,008 $ (695 ) $ 5,313 $ 6,172 $ (1,477 ) $ 4,695 Customer relationships 21,706 (937 ) 20,769 21,714 (1,773 ) 19,941 Trademarks 125 (114 ) 11 127 (127 ) — $ 27,839 $ (1,746 ) $ 26,093 $ 28,013 $ (3,377 ) $ 24,636 The Company recognized amortization expense as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Cost of revenues $ 60 $ 378 $ 60 $ 747 Sales and marketing 105 418 105 835 General and administrative 12 — 12 10 Total amortization expense $ 177 $ 796 $ 177 $ 1,592 The expected future amortization expense for intangible assets as of July 31, 2020 is as follows: Fiscal Year Ending January 31, 2021 (remaining) 1,606 2022 3,212 2023 3,212 2024 2,511 2025 1,670 Thereafter 12,425 $ 24,636 The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, future changes to expected asset lives of intangible assets and other events. Goodwill The carrying amount of goodwill was $55.8 million and $56.5 million as of January 31, 2020 and July 31, 2020, respectively. The change in goodwill is due to translation adjustments and was $0.0 million and $0.9 million for the three months ended July 31, 2019 and 2020, respectively, and $0.0 million and $0.7 million for the six months ended July 31, 2019 and 2020, respectively. | Note 8. Intangible Assets and Goodwill Intangible assets Intangible assets, net are as follows: As of January 31, 2020 Weighted Gross Accumulated Net Acquired developed technology $ 6,008 $ (695 ) $ 5,313 3.5 Customer relationships 21,706 (937 ) 20,769 12.4 Trademarks 125 (114 ) 11 0.2 $ 27,839 $ (1,746 ) $ 26,093 10.6 There were no intangible assets as of January 31, 2019. The Company recognized amortization expense as follows: Fiscal Year Ended 2018 2019 2020 Cost of revenues $ — $ — $ 697 Sales and marketing — — 937 General and administrative — — 114 Total amortization expense $ — $ — $ 1,748 The expected future amortization expense for intangible assets as of January 31, 2020 is as follows: Fiscal Year Ending January 31, 2021 $ 3,182 2022 3,172 2023 3,172 2024 2,478 2025 1,670 Thereafter 12,419 $ 26,093 The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, changes in foreign currency exchange rates, impairment of intangible assets, future changes to expected asset lives of intangible assets and other events. Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net assets acquired. Goodwill amounts are not amortized, but rather tested for impairment at least annually during the Company’s fourth quarter of each fiscal year. The change in the carrying amounts of goodwill was as follows: Balance as of January 31, 2018 $ — Acquisitions — Translation adjustments — Balance as of January 31, 2019 — Acquisitions 55,989 Translation adjustments (149 ) Balance as of January 31, 2020 $ 55,840 |
Reseller Agreement
Reseller Agreement | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Reseller Agreement | Note 8. Reseller Agreement The Company has a reseller agreement in place with a related party to utilize their platform and to develop the Company’s cloud-based banking software as an application within the related party’s hosted environment. In June 2020, this agreement was renegotiated and expires in June 2027 and will automatically renew in annual increments thereafter unless either party gives notice of non-renewal | Note 9. Reseller Agreement The Company has a reseller agreement in place with a related party to utilize their platform and to develop the Company’s cloud-based banking software as an application within the related party’s hosted environment. This agreement expires in June 2022 unless renegotiated. Cost of subscription revenues in each of the fiscal years ended January 31, 2018, 2019 and 2020 substantially consists of fees paid for access to the related party’s platform, including their hosting infrastructure and data center operations. The Company has recorded expenses of $9.5 million, $15.4 million and $22.8 million for the fiscal years ended January 31, 2018, 2019, and 2020, respectively. See also Note 15. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Equity [Abstract] | ||
Stockholders' Equity | Note 9. Stockholders’ Equity Pursuant to the fourth certificate of amendment to the Company’s third amended and restated certificate of incorporation dated July 6, 2020, each share of voting and non-voting At July 31, 2020, the Company committed a total of 24,785,528 shares of common stock for future issuance as follows: Issued and outstanding stock options 7,464,094 Nonvested issued and outstanding restricted stock units (“RSUs”) 2,041,093 Possible issuance under stock plans 15,280,341 24,785,528 | Note 10. Stockholders’ Equity On September 16, 2019, the Company amended the Certificate of Incorporation to change the designated number of voting shares of authorized common stock to 99,708,247 and the designated number of non-voting non-voting In July 2017, January 2018, and September 2019 the Company completed a private placement common stock offering with accredited investors which raised $17.8 million, $51.4 million and $79.9 million, respectively, net of related expenses. During the July 2017 offering, 1,784,700 shares of voting common stock were issued, in January 2018, 3,958,354 shares of voting common stock were issued, and in September 2019, 3,678,161 shares of common stock were issued (3,448,276 shares of voting common stock and 229,885 shares of non-voting Also, during the fiscal years ended January 31, 2018, 2019 and 2020, certain employees exercised vested stock options resulting in 695,384, 2,845,482 and 458,770 shares, respectively, being issued. During the fiscal year ended January 31, 2020, 1,502,772 shares of voting common stock were issued related to business combinations. A summary of the rights and key provisions affecting each class of the Company’s stock as of January 31, 2020, is as follows: Preferred Stock: Common stock: by-laws Non-voting Non-voting non-voting non-voting At January 31, 2020, the Company committed a total of 9,579,061 shares of common stock for future issuance as follows: Issued and outstanding stock options 7,837,023 Nonvested issued and outstanding restricted stock units (“RSU”s) 948,119 Possible issuance under incentive plans 793,919 9,579,061 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-Based Compensation | Note 10. Stock-Based Compensation Equity Incentive Plans The Company has stock-based compensation plans that provide for the award of equity incentives, including stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based award and other stock-based awards. As of July 31, 2020, the Company had stock options outstanding under the 2014 Stock Plan (“2014 Plan”) and the 2019 Equity Incentive Plan had stock options and RSUs outstanding. As of July 31, 2020, the Company also has an employee stock purchase plan. In connection with the IPO, the Board of Directors adopted and stockholders approved an amended and restated 2019 Equity Incentive Plan (“2019 Plan”) to, among other things as defined in the 2019 Plan document, increase the available shares under the Plan to 15,250,000, plus an annual increase added on the first day of each fiscal year, beginning with the fiscal year ending January 31, 2022, and continuing until, and including, the fiscal year ending January 31, 2031. The annual increase will be equal to the lesser of (i) 5% of the number of shares issued and outstanding as of January 31 of the immediately preceding fiscal year and (ii) an amount determined by the Company’s Board of Directors. The Company ceased granting awards under the 2014 Plan during the fiscal year ended January 31, 2020, and all shares that remained available for issuance under the 2014 Plan were transferred to the 2019 Plan prior to the closing of the IPO. Additionally, the number of shares available under the 2019 Plan shall be increased by the number of shares outstanding under the 2014 Plan that expire, terminate or are canceled without having been exercised or settled in full. Stock Options Stock option activity during the six months ended July 31, 2020 was as follows: Number of Weighted Outstanding, January 31, 2020 7,837,023 $ 5.39 Granted — — Expired or forfeited (46,899 ) 10.87 Exercised (326,030 ) 2.64 Outstanding, July 31, 2020 7,464,094 $ 5.48 Exercisable, July 31, 2020 5,542,247 $ 4.07 Fully vested or expected to vest, July 31, 2020 6,717,685 $ 5.48 As of July 31, 2020, there was $5.5 million of total unrecognized compensation expense related to unvested stock-based compensation arrangements under the 2014 and 2019 Plans. That cost is expected to be recognized over a weighted average period of 1.53 years. Restricted Stock Units Restricted stock unit (“RSU”) activity during the six months ended July 31, 2020 was as follows: Number of Weighted Average Nonvested, January 31, 2020 948,119 $ 21.75 Granted 1,120,054 20.07 Vested 1 (17,500 ) 20.00 Forfeited (9,580 ) 21.53 Nonvested, July 31, 2020 2,041,093 $ 20.84 1 Includes 17,500 RSUs that were not issued and outstanding as of July 31, 2020. The RSUs granted prior to the IPO vest upon the satisfaction of both a service-based, generally over 4 years, vesting 25% annually, and liquidity event-based vesting condition. For RSUs granted to the non-employee As of July 31, 2020, total unrecognized compensation expense related to non-vested Employee Stock Purchase Plan In July 2020, the Board of Directors adopted and stockholders approved the Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the closing of the IPO. The ESPP includes two components, one component is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code (the “Code) and a component that does not qualify as an “employee stock purchase plan” under Section 423 of the Code. The ESPP initially reserved and authorized the issuance of up to a total of 1,800,000 shares of common stock to participating employees. The aggregate number of shares of the Company’s common stock under the ESPP will automatically increase on the first day of each fiscal year, beginning with the first fiscal year ending January 31, 2022 and continuing until the fiscal year ended January 31, 2031, by an amount equal to the lesser of (i) 1% of the shares of the Company’s common stock issued and outstanding on January 31 of the immediately preceding fiscal year, (ii) 1,800,000 shares of the Company’s common stock or (iii) an amount determined by the Board of Directors. As of July 31, 2020, 1,800,000 shares of common stock remain available for grant under the ESPP. The ESPP permits employees to purchase the Company’s common stock through payroll deductions during six month offerings. The offering periods begin each January 1 and July 1, or such other period determined by the compensation committee. Eligible employees will purchase the shares at a price per share equal to the lesser of (i) 85% of the fair market value of a share of the Company’s common stock on the first business day of such offering period and (ii) 85% of the fair market value of share of the Company’s common stock on the last business day of such offering period, although the compensation committee has discretion to change the purchase price with respect to future offering periods, subject to terms of the ESPP. | Note 11. Stock-Based Compensation The Company has two equity incentive plans: the 2014 Stock Plan (“2014 Plan”) and the 2019 Equity Incentive Plan (“2019 Plan”), collectively referred to as the “Incentive Plans.” Under the 2014 Plan, the Board of Directors had allotted 15,025,666 shares of common stock for incentive options or non-qualified Non-qualified non-employee • In equal annual installments over four years from the grant date. • Upon a change in control transaction (with respect to certain Incentive Plan participants). All options expire ten years from the grant date and, with respect to certain Incentive Plan participants, provide for accelerated vesting if there is a change in control of the Company. In July 2019, the Company established the 2019 Plan. The 2019 Plan is allotted 1,500,000 shares that may be issued in the form of options, stock appreciation rights, restricted stock awards, restricted stock units, performance shares, performance units, cash-based awards and other stock-based awards. The allotted shares can be increased by shares available under the Company’s 2014 Plan, described above, however, not to exceed 7,500,000 shares from that 2014 Plan. The maximum number of incentive stock options cannot exceed 9,000,000 shares. All awards shall be granted within ten years from the effective date of the Plan and can only be granted to employees, non-employee Restricted stock units (“RSU”) are subject to time-based and performance-based vesting conditions. RSUs are generally earned over a service period of four years, expire seven years from the grant date and will only vest upon an IPO or change in control. The compensation expense related to these awards is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. No RSUs have vested as of January 31, 2020. Stock Options The calculated value of each option award is estimated at the date of grant using the Black-Scholes option valuation model that utilizes the assumptions included in the table below. The Company recognizes stock-based expenses related to stock option awards on a straight-line basis over the requisite service period of the awards, which is generally the vesting term of four years. Stock-based expenses are recognized net of estimated forfeiture activity. The estimated forfeiture rate applied is based on historical forfeiture rates. The expected term assumption, using the simplified method, reflects the period for which the Company believes the option will remain outstanding. The Company determined the volatility of its stock by looking at the historic volatility of its peer companies. The risk-free rate reflects the U.S. Treasury yield for a similar expected life instrument in effect at the time of the grant. The assumptions utilized for the fiscal years ended January 31, 2018, 2019, and 2020 are as follows: 2018 2019 2020 Expected life (in years from vesting) 6.08 - 6.25 6.25 6.10 -6.25 Expected volatility 42% - 44% 40% - 41% 40% Expected dividends 0.00% 0.00% 0.00% Risk-free rate 2.07% - 2.27% 2.71% - 3.06% 1.63% - 2.59% The grant date weighted average calculated fair value of options issued, net of forfeitures, was $2.13, $5.36, and $6.74 per share for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. The Company recognized stock-based compensation expense related to the option grants under the Incentive Plans as follows: Fiscal Year Ended 2018 2019 2020 Cost of revenues $ 1,357 $ 1,487 $ 1,517 Sales and marketing 940 1,078 1,260 Research and development 1,070 1,056 1,245 General and administrative (1) 459 474 1,723 Total stock-based compensation expense $ 3,826 $ 4,095 $ 5,745 (1) On June 26, 2019, the Company entered into a separation agreement with an executive. The agreement resulted in a modification of the former employee’s 334,840 outstanding stock options to purchase voting common stock, which accelerated certain vesting and extended the exercise period, resulting in the recognition of $1.2 million of additional stock-based compensation expense for the year ended January 31, 2020. The Company granted 353,900 incentive stock options in the fiscal year ended January 31, 2020, which vest over four years and have a ten-year A summary of option activity under the Incentive Plans during the fiscal years ended January 31, 2018, 2019 and 2020 are as follows: Number of Weighted Weighted Aggregate Outstanding, January 31, 2017 6,845,834 $ 1.94 7.76 Granted 4,267,151 5.17 Expired or forfeited (125,642 ) 2.93 Exercised (695,384 ) 1.35 $ 2,617 Outstanding, January 31, 2018 10,291,959 3.31 7.77 Granted 969,762 13.50 Expired or forfeited (209,313 ) 9.46 Exercised (2,845,482 ) 2.20 $ 32,365 Outstanding, January 31, 2019 8,206,926 $ 4.74 7.34 Granted 353,900 17.54 Expired or forfeited (265,033 ) 6.82 Exercised (458,770 ) 2.27 $ 7,639 Outstanding, January 31, 2020 7,837,023 $ 5.39 6.54 $ 126,245 Exercisable, January 31, 2020 4,832,586 $ 3.68 5.88 $ 86,099 Fully vested or expected to vest, January 31, 2020 7,053,321 $ 5.39 6.54 $ 113,620 Aggregate intrinsic value represents the total pre-tax As of January 31, 2020, there was $7.6 million of total unrecognized compensation cost related to unvested stock-based compensation arrangements under the Incentive Plans. That cost is expected to be recognized over a weighted average period of approximately 1.65 years. Restricted Stock Units The Company granted 948,119 RSUs during the fiscal year ended January 31, 2020 with a weighted-average grant date fair value of $21.75 per RSU. No RSUs vested, were forfeited or cancelled. As of January 31, 2020, total unrecognized compensation expense cost related to non-vested |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes The components of loss before income tax expense by domestic and foreign jurisdictions were as follows: Fiscal Year Ended January 31, 2018 2019 2020 United States $ (18,757 ) $ (17,333 ) $ (20,547 ) Foreign 218 (4,779 ) (6,602 ) Income Before Taxes $ (18,539 ) $ (22,112 ) $ (27,149 ) The provision for income taxes consisted of the following: Fiscal Year Ended 2018 2019 2020 Current: Federal $ — $ — $ — State — — 21 Foreign 50 194 410 50 194 431 Deferred: Federal — — 76 State — — 56 Foreign — — 23 Deferred tax expense — — 155 Total tax expense: $ 50 $ 194 $ 586 The differences between income taxes expected at the US federal statutory income tax rate and the reported income tax expense are summarized as follows: Fiscal Year Ended January 31, 2018 2019 2020 Income tax benefit at statutory rate of 21% for 2019 and 2020 (2018: 33.8%) $ (6,268 ) 33.8 % $ (4,644 ) 21.0 % $ (5,701 ) 21.0 % State income tax benefit, net of federal impact (780 ) 4.2 % (1,331 ) 6.0 % 141 -0.5 % Changes in valuation allowance (3,284 ) 17.7 % 11,627 -52.6 % 3,303 -12.2 % Impacts of adoption of the new revenue standard — 0.0 % — 0.0 % 2,389 -8.8 % Nondeductible expenses 66 -0.4 % 175 -0.8 % 231 -0.8 % Foreign rate differential (32 ) 0.2 % 96 -0.4 % 108 -0.4 % Stock-based compensation 181 -1.0 % (5,753 ) 26.0 % 19 -0.1 % Remeasurement of deferred taxes due to Tax Cuts and Jobs Act 9,958 -53.7 % — 0.0 % — 0.0 % Other 209 -1.1 % 24 -0.1 % 96 -0.4 % $ 50 -0.3 % $ 194 -0.9 % $ 586 -2.2 % Significant components of the Company’s net deferred tax assets and liabilities were as follows: As of 2019 2020 Deferred tax assets: Net operating losses $ 31,765 $ 35,608 Equity compensation 876 1,655 Reserves and accrueds 342 1,156 Deferred rent 44 416 Transaction costs — 311 Deferred revenue — 151 Depreciation — 126 Other 160 238 Total deferred tax assets 33,187 39,661 Less valuation allowance (33,121 ) (36,425 ) Total deferred tax assets, net of valuation allowances 66 3,236 Deferred tax liabilities: Contract acquisition costs — (2,568 ) Remaining perforamance obligations (497 ) Intangibles (316 ) Other (66 ) (49 ) Total deferred tax liabilities (66 ) (3,430 ) Net deferred tax liabilities $ — $ (194 ) A valuation allowance has been provided in the U.S. federal and state as well as certain foreign jurisdictions to reduce deferred tax assets to the amount that is more likely than not to be realized. The valuation allowance increased/(decreased) by ($3.3 million), $11.6 million and $3.3 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. The Company continually assesses the realizability of its deferred tax assets based on an evaluative process that considers all available positive and negative evidence. The Company has established a valuation allowance in the amount of $33.1 million and $36.4 million as of January 31, 2019 and 2020, respectively, because the Company believes it is not more likely than not the deferred tax asset in jurisdictions excluding Canada will be realized. On December 22, 2017, President Trump signed into law the statute named the “Tax Cuts and Jobs Act” (“TCJA”) which enacts a broad range of changes to the Internal Revenue Code. The TCJA, among other things, includes changes to U.S. federal tax rates, imposes significant additional limitations on the deductibility of interest and net operating losses, allows for the expensing of certain capital expenditures, and puts into effect a number of changes impacting operations outside of the United States including, but not limited to, the imposition of a one-time The decrease in the US corporate federal income tax rate to 21 percent was effective on January 1, 2018. For the tax year ended January 31, 2018, the blended federal income tax rate for the Company was 33.8%. The Company’s net deferred tax assets and liabilities were revalued at the newly enacted U.S. corporate rate of 21%, and the resulting increase to tax expense was offset by a related reduction of the Company’s valuation allowance. The TCJA also requires companies to pay a one-time non-U.S. The Company has federal loss carryforwards totaling $267,652 that may be offset against future taxable income. If not used, the carryforwards will expire as follows: Fiscal Year Ending January 31, 2032 and before $ 40,606 2033 7,098 2034 18,355 2035 20,379 2036 9,995 2037 51,551 2038 25,766 2039 13,900 2040 3,291 Indefinite 76,710 $ 267,652 Because of the change of ownership provisions of the Tax Reform Act of 1986, the use of the Company’s U.S. federal loss carryforwards may be limited in future periods. Further, a portion of the carryforwards may expire before being applied to reduce future income tax liabilities. The Company also has foreign net operating losses of $11.7 million that can be carried forward indefinitely, which are included in the table above. The Company is subject to taxation in the U.S. federal and various state and foreign jurisdictions. As of January 31, 2020, the Company is no longer subject to U.S. federal and state examinations by tax authorities for years prior to 2016. However, amounts reported as net operating losses and tax credit carryforwards from these tax periods remain subject to review by most tax authorities. The Company recognizes the income tax benefits of any uncertain tax positions only when, based upon the technical merits of the position, it is more likely than not that the position is sustainable upon examination. With the information available, the Company has performed an analysis and as of January 31, 2019 and 2020, the Company has not recognized any unrecognized tax benefits, interest or penalties for any income tax positions. On March 27, 2020, President Trump signed into law the CARES Act. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The Company continues to examine the impacts the CARES Act may have on the Company’s business. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Jan. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan | Note 13. Defined Contribution Plan The Company has a 401(k) plan for its employees in the United States who meet the plan requirements. The Company, at its discretion, may make matching contributions. Employees are immediately vested in their contributions. The Company also has a Registered Retirement Savings Plan covering all eligible employees in Canada. Employer contributions for the fiscal years ended January 31, 2018, 2019 and 2020 were $0, $0.1 million and $0.9 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 11. Commitments and Contingencies Operating Leases The Company leases its facilities and a portion of its equipment and licenses under various non-cancellable The Company’s agreements for the facilities and certain services provide the Company with the option to renew. The Company’s future contractual obligations would change if the Company exercised these options. The terms of the lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Total lease expense amounted to $2.1 million and $2.7 million for the three months ended July 31, 2019 and 2020, respectively and $3.9 million and $5.4 million for the six months ended July 31, 2019 and 2020, respectively. Indemnification In the ordinary course of business, the Company generally includes standard indemnification provisions in its arrangements with third parties, including vendors, customers, and the Company’s directors and officers. Pursuant to these provisions, the Company may be obligated to indemnify such parties for losses or claims suffered or incurred. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, the Company has not incurred any material costs as a result of such obligations and has not accrued any material liabilities related to such obligations in the accompanying unaudited condensed consolidated financial statements. | Note 14. Commitments and Contingencies The Company leases its facilities and a portion of its equipment and licenses under various non-cancellable The Company’s agreements for the facilities and certain services provide the Company with the option to renew. The Company’s future contractual obligations would change if the Company exercised these options. Future minimum lease payments required under operating leases at January 31, 2020 are as follows: Fiscal Year Ending January 31, 2021 $ 6,068 2022 4,523 2023 3,815 2024 3,245 2025 1,276 Thereafter 3,798 $ 22,725 The terms of the lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Total lease expense amounted to $3.4 million, $5.8 million, and $8.7 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. We have recognized liabilities for contingencies related to state sales and use tax deemed probable and estimable, including penalties and interest, totaling $0.9 million and $0.2 million at January 31, 2019 and 2020, respectively, which are included in other accrued expenses in the Company’s consolidated balance sheets. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Related-Party Transactions | Note 12. Related-Party Transactions The Company’s main vendor is also an equity holder in the Company. Total payments related to the agreement with the related party are disclosed in Note 8. The Company also purchases services from this related party to assist in managing its own sales cycle, customer relationship management, and other business functions. The Company signed a three-year, non-cancellable In the quarter ended July 31, 2020 certain equity holders no longer qualified as a related party of the Company and the amounts disclosed related to them are presented through April 30, 2020 only. Included in revenues from three equity holders, who are also customers of the Company, are $2.1 million and $0.0 million for the three months ended July 31, 2019 and 2020, respectively, and $4.3 million and $2.8 million for the six months ended July 31, 2019 and 2020, respectively. Deferred revenue, current portion, related parties was $8.0 million and $0.0 million as of January 31, 2020 and July 31, 2020, respectively. Accounts receivable, related parties was $9.2 million and $0.0 million as of January 31, 2020 and July 31, 2020, respectively. The Company has a banking relationship with one of its equity holders who was formerly considered a related party. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. Included in interest income is $0.2 million and $0.0 million for the three months ended July 31, 2019 and 2020, respectively, and $0.4 million and $0.1 million for the six months ended July 31, 2019 and 2020, respectively. The Company made an agreement with one of its equity holders in May 2016 to spend an agreed-upon amount of funds over a three-year period to further the alliance between the two companies. In July 2019, the agreement was extended for an additional three years. As of July 31, 2020, the Company was in compliance with the terms of the agreement. In the quarter ended July 31, 2020, the equity holder no longer qualifies as a related party of the Company and the amounts disclosed related to such equity holder are presented as a related party through April 30, 2020, only. There were no amounts spent for the three months ended July 31, 2019 and 2020 and $0.02 million and $0.0 million for the six months ended July 31, 2019 and 2020, respectively. As of July 31, 2020, there was a $0.2 million obligation remaining which is expected to be fulfilled within one year. | Note 15. Related-Party Transactions The Company’s main vendor is also an equity holder in the Company. Total payments related to the reseller agreement with the related party are disclosed in Note 9. The Company also purchases services from this related party to assist in managing its own sales cycle, customer relationship management, and other business functions. The Company signed a three-year, non-cancellable As discussed in Note 2, there are equity holders who are also customers of the Company. Included in revenues are $8.1 million, $9.9 million and $8.4 million from three equity holder customers for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. Related party balances in current deferred revenue, related parties were $6.9 million and $8.0 million as of January 31, 2019 and 2020, respectively. The Company has a banking relationship with one of its equity holders. Included in interest income is $0.2 million, $0.9 million and $0.7 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. The Company made an agreement with one of its equity holders in May 2016 to spend an agreed-upon amount of funds over a three-year period to further the alliance between the two companies. As of fiscal year end January 31, 2020, the Company was in compliance with the terms of the agreement. Total consideration amounted to $0.3 million, $1.7 million, and $0.06 million for the fiscal years ended January 31, 2018, 2019 and 2020, respectively. In April 2019, the agreement was extended for an additional three years. As of January 31, 2020, there was a $0.2 million obligation remaining expected to be fulfilled within one year. |
Basic and Diluted Loss per Shar
Basic and Diluted Loss per Share | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic and Diluted Loss per Share | Note 13. Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss attributable to nCino, Inc. by the weighted-average number of common shares outstanding for the fiscal period. Diluted loss per share is computed by giving effect to all potential weighted average dilutive common stock, including options. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. Diluted loss per share for the three months ended July 31, 2019 and 2020 and for the six months ended July 31, 2019 and 2020 is the same as the basic loss per share as there was a net loss for those periods, and inclusion of potentially issuable shares was anti-dilutive. The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended 2019 2020 2019 2020 Basic loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502 ) $ (14,646 ) $ (11,921 ) $ (19,415 ) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Basic loss per share attributable to nCino, Inc. $ (0.11 ) $ (0.17 ) $ (0.16 ) $ (0.23 ) Dilutive loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502 ) $ (14,646 ) $ (11,921 ) $ (19,415 ) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Dilutive loss per share attributable to nCino, Inc. $ (0.11 ) $ (0.17 ) $ (0.16 ) $ (0.23 ) The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive: July 31, 2019 2020 Stock options issued and outstanding 8,008,329 7,464,094 Nonvested RSUs issued and outstanding — 2,041,093 | Note 16. Basic and Diluted Loss per Share Basic loss per share is computed by dividing net loss attributable to nCino, Inc. by the weighted-average number of common shares outstanding for the fiscal period. Diluted loss per share is computed by giving effect to all potential weighted average dilutive common stock, including options. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method. Diluted loss per share for the fiscal years ended January 31, 2018, 2019, and 2020 is the same as the basic loss per share as there was a net loss for those periods, and inclusion of potentially issuable shares was anti-dilutive. The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data): Fiscal Year Ended 2018 2019 2020 Basic loss per share: Numerator Net loss attributable to nCino, Inc. $ (18,589 ) $ (22,306 ) $ (27,594 ) Denominator Weighted-average common shares outstanding 68,290,570 74,593,709 78,316,794 Basic loss per share attributable to nCino, Inc. $ (0.27 ) $ (0.30 ) $ (0.35 ) Dilutive loss per share: Numerator Net loss attributable to nCino, Inc. $ (18,589 ) $ (22,306 ) $ (27,594 ) Denominator Weighted-average common shares outstanding 68,290,570 74,593,709 78,316,794 Dilutive loss per share attributable to nCino, Inc. $ (0.27 ) $ (0.30 ) $ (0.35 ) The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive for the periods presented: Fiscal Year Ended 2018 2019 2020 Stock options issued and outstanding 10,291,959 8,206,926 7,837,023 Nonvested RSUs issued and outstanding — — 948,119 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 17. Selected Quarterly Financial Data (Unaudited) Selected summarized quarterly financial information for fiscal 2019 and 2020 is as follows: 1st 2nd 3rd 4th Fiscal Fiscal Year Ended January 31, 2019 Revenues $ 19,064 $ 22,630 $ 23,663 $ 26,177 $ 91,534 Cost of revenues 10,119 11,048 12,210 13,074 46,451 Gross profit 8,945 11,582 11,453 13,103 45,083 Operating expenses: Sales and marketing 5,833 7,909 7,844 9,692 31,278 Research and development 4,595 4,941 5,823 6,871 22,230 General and administrative 2,922 4,217 2,806 4,846 14,791 Total operating expenses 13,350 17,067 16,473 21,409 68,299 Loss from operations (4,405 ) (5,485 ) (5,020 ) (8,306 ) (23,216 ) Total other income (expense), net 214 206 108 576 1,104 Loss before income tax expense (4,191 ) (5,279 ) (4,912 ) (7,730 ) (22,112 ) Income tax expense 60 45 14 75 194 Net loss attributable to nCino, Inc. $ (4,251 ) $ (5,324 ) $ (4,926 ) $ (7,805 ) $ (22,306 ) Basic and diluted net loss per share attributable to nCino, Inc. $ (0.06 ) $ (0.07 ) $ (0.07 ) $ (0.11 ) $ (0.30 ) Fiscal Year Ended January 31, 2020 Revenues $ 29,836 $ 31,978 $ 37,862 $ 38,504 $ 138,180 Cost of revenues 14,038 14,770 16,889 18,373 64,070 Gross profit 15,798 17,208 20,973 20,131 74,110 Operating expenses: Sales and marketing 8,015 10,453 12,602 13,370 44,440 Research and development 7,366 8,272 9,534 10,132 35,304 General and administrative 3,909 6,430 5,557 6,640 22,536 Total operating expenses 19,290 25,155 27,693 30,142 102,280 Loss from operations (3,492 ) (7,947 ) (6,720 ) (10,011 ) (28,170 ) Total other income (expense), net 209 (353 ) 789 376 1,021 Loss before income tax expense (3,283 ) (8,300 ) (5,931 ) (9,635 ) (27,149 ) Income tax expense 136 202 158 90 586 Net loss (3,419 ) (8,502 ) (6,089 ) (9,725 ) (27,735 ) Net loss attributable to non-controlling — — (60 ) (81 ) (141 ) Net loss attributable to nCino, Inc. $ (3,419 ) $ (8,502 ) $ (6,029 ) $ (9,644 ) $ (27,594 ) Basic and diluted net loss per share attributable to nCino, Inc. $ (0.05 ) $ (0.11 ) $ (0.08 ) $ (0.12 ) $ (0.35 ) |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jan. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 18. Subsequent Event In March 2020, the World Health Organization declared the outbreak of a novel coronavirus disease (“COVID-19”) COVID-19 COVID-19 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Accounting | Principles of Consolidation and Basis of Presentation: The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year 2021 or any future period. | Principles of Consolidation and Basis of Presentation: The Company is subject to the normal risks associated with technology companies that have not demonstrated sustainable income from operations, including product development, the risk of customer acceptance and market penetration of its products and services and, ultimately, the need to attain profitability to generate positive cash resources. Effective February 1, 2019, the Company adopted the requirement of Accounting Standards Update, or ASU No. 2014-09 2014-09”) |
Variable Interest Entity | Variable Interest Entity: | Variable Interest Entity: |
Redeemable Non-Controlling Interest | Redeemable Non-Controlling non-controlling non-controlling non-controlling paid-in-capital. non-controlling | Redeemable Non-Controlling non-controlling non-controlling non-controlling paid-in-capital. non-controlling |
Use of Estimates | Use of Estimates: non-controlling | Use of Estimates: The Company assesses these estimates on a regular basis using historical experience and other factors. Actual results could differ from these estimates, which were based upon circumstances that existed as of the date of the consolidated financial statements, January 31, 2020. Subsequent to this date, there have been significant changes to the global economic environment as a consequence of the COVID-19 |
Operating Segments | Operating Segments: | |
Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers: | Concentration of Credit Risk and Significant Customers: For the fiscal year ended January 31, 2018, three customers represented 20% of total revenues, 14% of which was from two customers who are also equity holders in the Company. These three customers also represented 58% of accounts receivable as of January 31, 2018, of which 40% was from the two customers who are also equity holders. For the fiscal year ended January 31, 2019, two customers represented 9% of total revenues, 4% of which was also from a customer who is an equity holder in the Company. These two customers also represented 29% of accounts receivable as of January 31, 2019, of which 14% was from the customer who is an equity holder. For the fiscal year ended January 31, 2020, two customers represented 6% of total revenues, 3% of which was also from a customer who is an equity holder in the Company. These two customers also represented 22% of accounts receivable as of January 31, 2020, of which 11% was from the customer who is an equity holder. |
Revenue Recognition | Revenue Recognition The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenues when, or as, the Company satisfies a performance obligation Subscription Revenues Subscription revenues primarily consist of fees for providing customers access to the Company’s cloud applications, with routine customer support and maintenance related to email and phone support, bug fixes, and unspecified software updates and upgrades released when and if available during the maintenance term. Revenues are generally recognized on a ratable basis over the contract term beginning on the date that the Company’s service is made available to the customer, which the Company believes best reflects the manner in which the Company’s customers utilize the Company’s subscription offerings. Arrangements with customers do not provide the customer with the right to take possession of the software supporting the cloud-based application service at any time and, as a result, are accounted for as a service contract. Generally, the Company’s subscription contracts are three years or longer in length, billed annually in advance, are non-cancelable Professional Services Revenues Professional services revenues primarily consist of fees for deployment, configuration and optimization services, as well as training. The majority of the Company’s professional services contracts are billed on a fixed price basis, and revenues are recognized over time based on a proportional performance methodology which utilizes input methods. A portion of the Company’s professional services contracts are billed on a time and materials basis and revenues are recognized over time as the services are performed. Contracts with Multiple Performance Obligations Most of the Company’s contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“SSP”) basis. The Company determines SSP by considering its overall pricing objectives and market conditions. Significant pricing practices taken into consideration include the Company’s discounting practices, the size and volume of the Company’s transactions, the customer demographic, the geographic area where services are sold, price lists, the Company’s go-to-market go-to-market Given the variability of pricing, the Company uses a range of SSP. The Company determines the SSP range using information that may include market conditions or other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of products and services by customer size. Costs Capitalized to Obtain Revenue Contracts As part of its adoption of ASU 2014-09, non-cancelable 2014-09 Under ASU 2014-09, non-cancelable Judgments Contracts with customers may include multiple services requiring allocation of the transaction price across the different performance obligations. Standalone selling price is established by maximizing the amount of observable inputs, primarily actual historical selling prices for performance obligations where available and includes consideration of factors such as go-to-market Capitalized costs to obtain a contract are amortized over the expected period of benefit, which the Company has determined, based on analysis, to be approximately 4 years. The Company evaluated qualitative and quantitative factors to determine the period of amortization, including contract length, renewals, customer life and the useful lives of our products and acquired products. When the expected period of benefit of an asset which would be capitalized is less than one year, the Company expenses the amount as incurred, utilizing the practical expedient. The Company regularly evaluates whether there have been changes in the underlying assumptions and data used to determine the amortization period. At times, the Company provides credits or incentives to its customers. Known and estimable credits and incentives represent a form of variable consideration, which are determined at contract inception and reduce the revenues recognized for a particular contract. At the end of each reporting period, the Company reviews and updates its estimates as additional information becomes available. The Company believes that there will not be significant changes to its estimates of variable consideration as of January 31, 2020. The Company evaluates whether it is the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis) with respect to vendor reseller agreements pursuant to which the Company resells certain third-party solutions along with the Company’s solutions. Generally, the Company reports revenues from these types of contracts on a gross basis, meaning the amounts billed to customers are recorded as revenues and expenses incurred are recorded as cost of revenues. Where the Company is the principal, it first obtains control of the inputs to the specific good or service and directs their use to create the combined output. The Company’s control is evidenced by its involvement in the integration of the good or service on its platform before it is transferred to its customers and is further supported by the Company being primarily responsible to its customers and having a level of discretion in establishing pricing. Revenues provided from agreements in which the Company is an agent are immaterial. | |
Deferred Revenue | Deferred Revenue: non-cancellable non-refundable non-cancellable 12-month Payment terms vary by contract, although terms generally include a requirement of payment within 30 to 45 days. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined contracts generally do not include a significant financing component. The primary purpose of invoicing terms is to provide customers with simplified and predictable ways of purchasing services, such as invoicing at the beginning of a subscription term with revenues recognized ratably over the contract period, and not to provide financing to customers. Any implied financing costs are considered insignificant in the context of the Company’s contracts. | |
Cash and Cash Equivalents | Cash and Cash Equivalents: | |
Accounts Receivable and Allowances | Accounts Receivable and Allowances: non-cancelable, | Accounts Receivable and Allowances: 2014-09, non-cancelable, The Company records allowances for doubtful accounts based upon the credit worthiness of customers, historical experience, the age of the accounts receivable and current market and economic conditions. A summary of activity in the allowance for doubtful accounts is as follows: Fiscal Year Ended 2018 2019 2020 Balance, beginning of period $ 349 $ 20 $ 123 Charged to (recovery of) bad debt expense (329 ) 110 (105 ) Write offs and others — (7 ) (18 ) Balance, end of period $ 20 $ 123 $ — |
Costs Capitalized to Obtain Revenue Contracts | Costs Capitalized to Obtain Revenue Contracts: 2014-09 | |
Property and Equipment | Property and Equipment: Asset Classification Estimated Useful Life Furniture and fixtures 3-7 Computers and equipment 3 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life When assets are retired or otherwise disposed of, the cost and accumulated depreciation or amortization are removed from their respective accounts, and any gain or loss on such retirement is reflected in operating expenses. | |
Capitalized Software Costs | Capitalized Software Costs: internal-use | |
Intangible Assets | Intangible Assets: | |
Impairment Assessment | Impairment Assessment | |
Goodwill | Goodwill: 2017-04, “Simplifying the Test for Goodwill Impairment” 2017-04 The Company determines the fair value of a reporting unit using a discounted cash flow analysis that is corroborated by a market-based approach. Determining fair value requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates and the amount and timing of expected future cash flows. The cash flows employed in the discounted cash flow analyses are based on the most recent budget and long-term forecast. The discount rates used in the discounted cash flow analyses are intended to reflect the risks inherent in the future cash flows of the respective reporting units. The market comparable approach estimates fair value using market multiples of various financial measures compared to a set of comparable public companies and recent comparable transactions. | |
Business Combinations | Business Combinations tax-related For acquisitions involving additional consideration to be transferred to the selling parties in the event certain future events occur or conditions are met (“contingent consideration”), the Company recognizes the acquisition-date fair value of contingent consideration as part of the consideration transferred in exchange for the business combination. Contingent consideration meeting the criteria to be classified as equity in the consolidated balance sheets is not remeasured, and its subsequent settlement is recorded within stockholders’ equity. Contingent consideration classified as a liability is remeasured to fair value at each reporting date until the contingency is resolved, with any changes in fair value recognized in the Company’s consolidated statements of operations. | |
Deferred Rent | Deferred Rent: non-cancelable | |
Cost of Revenues | Cost of Revenues: | |
Advertising | Advertising: | |
Income Taxes | Income Taxes: Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not The Company follows the accounting standards on accounting for uncertainty in income taxes, which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under this guidance, the Company may recognize the tax benefit from an uncertain tax position only if it is more-likely-than-not de-recognition, When and if applicable, potential interest and penalties are accrued as incurred, within income tax expense. | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss): | |
Foreign Currency Exchange | Foreign Currency Exchange: | |
Stock-Based Compensation | Stock-Based Compensation: Compensation – Stock Compensation | |
Basic and Diluted Loss per Common Share | Basic and Diluted Loss per Common Share: Diluted loss per share is calculated by giving effect to all potentially dilutive common stock, which is comprised of stock options and restricted stock units, when determining the weighted-average number of common shares outstanding. For purposes of the diluted loss per share calculation, basic and diluted loss per share were the same, as the effect of all potentially dilutive securities would have been anti-dilutive. | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance: In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, ASU 2018-13 In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use 350-40): internal-use 2018-15 In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17 is Recent Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). right-of-use 2018-10, Codification Improvements to Topic 842, Leases, 2016-02, 10-K In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13, 10-K In December 2019, the FASB issued ASU 2019-12, ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 10-K | Recently Adopted Accounting Guidance: On May 28, 2014, the FASB issued ASU 2014-09 2014-09 340-40, The Company adopted the requirements of ASU 2014-09 As of January 31, Topic 606 As of February 1, Accounts receivable, less allowance for doubtful accounts (1) $ 25,495 $ (1,978 ) $ 23,517 Costs capitalized to obtain revenue contracts, current portion, net — 2,879 2,879 Costs capitalized to obtain revenue contracts, noncurrent, net — 5,330 5,330 Total assets $ 119,966 $ 6,231 $ 126,197 Deferred revenue, current portion 34,172 (4,366 ) 29,806 Deferred revenue, noncurrent 825 (825 ) — Total liabilities $ 53,930 $ (5,191 ) $ 48,739 Stockholders’ Equity: Accumulated deficit $ (104,752 ) $ 11,422 $ (93,330 ) (1) Unbilled accounts receivable previously included in Accounts receivable, less allowance for doubtful accounts before the adoption of Topic 606. The Company recognized the cumulative effect of initially applying the new revenue standard as a positive adjustment to the opening balance of accumulated deficit on the consolidated balance sheet in the amount of $11.4 million, which reflects the acceleration of revenues and deferral of costs capitalized to obtain revenue contracts. The following is a summary of the adoption impacts of the new revenue standard: • The Company capitalized $8.2 million of contract acquisition costs comprised of sales commissions at the adoption date with a corresponding adjustment to accumulated deficit. The Company is amortizing these costs over their respective expected period of benefit. • Upon adoption, the Company recorded a decrease in deferred revenue of $5.2 million and a decrease of $2.0 million in receivables that were recorded to accumulated deficit. Adoption of the new revenue standard impacted the Company’s consolidated statement of operations for the year ended January 31, 2020 as follows: As reported Topic 606 Amounts without Subscription $ 103,265 $ 2,351 $ 105,616 Professional services 34,915 (1,901 ) 33,014 Total revenues 138,180 450 138,630 Subscription 31,062 914 31,976 Professional services 33,008 (8 ) 33,000 Total cost of revenues 64,070 906 64,976 Gross profit 74,110 (456 ) 73,654 Sales and marketing 44,440 2,404 46,844 Research and development 35,304 (21 ) 35,283 Total operating expenses 102,280 2,383 104,663 Net loss attributable to nCino, Inc. $ (27,594 ) $ (2,839 ) $ (30,433 ) Basic and diluted net loss per share $ (0.35 ) $ 0.04 $ (0.39 ) Adoption of the new revenue standard impacted the Company’s consolidated balance sheet as of January 31, 2020 as follows: As reported Topic 606 Amounts without Accounts receivable, less allowance for doubtful accounts $ 34,205 $ 260 $ 34,465 Costs capitalized to obtain revenue contracts, current portion, net 3,608 (3,608 ) — Costs capitalized to obtain revenue contracts, noncurrent, net 7,000 (7,000 ) — Total assets 249,894 (10,348 ) 239,546 Deferred revenue, current portion 50,929 3,923 54,852 Total liabilities 78,517 3,923 82,440 Stockholders’ Equity: Accumulated other comprehensive loss (408 ) (10 ) (418 ) Accumulated deficit (120,924 ) (14,261 ) (135,185 ) The adoption of ASU 2014-09 2014-09 The most significant impact of the new revenue standard relates to the capitalization of certain incremental costs to acquire contracts and the requirement to amortize these amounts over the expected period of benefit. Under the previous standard, the Company expensed costs related to the acquisition of revenue generating contracts as incurred. There was impact from arrangements with customers that include subscription services bundled with professional services driven by a change in allocation of transaction value amongst performance obligations under the new standard. Additionally, there was impact from the Company’s acquisitions which are not material to the Company’s overall revenues. These consisted of principal versus agent consideration (reporting revenues gross vs. net – approximately a $0.9 million decrease to subscription revenues and cost of revenues to present net under ASU 2014-09) Other impacts to policies and disclosures include deferred recognition of revenues for certain contracts, the requirement to estimate variable consideration for certain arrangements, increased allocation of revenues to and from professional services and other offerings and changes to financial statement disclosures such as new disclosures related to remaining performance obligations. However, the timing and pattern of revenue recognition related to professional services remain substantially unchanged. The Company utilized the transitional practical expedient provisions in adopting ASU 2014-09 The Company also adopted the following ASUs effective February 1, 2019, none of which had a material impact on the Company’s consolidated financial statements. • ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments • ASU No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory • ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment • ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Recent Accounting Pronouncements Not Yet Adopted: In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). right-of-use 2018-10, Codification Improvements to Topic 842, Leases, 2016-02, In June 2016, the FASB issued ASU 2016-13, Financial Instruments–Credit Losses: Measurement of Credit Losses on Financial Instruments 2016-13, In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, 2018-13 In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use 350-40): internal-use 2018-15 In October 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities 2018-17 In December 2019, the FASB issued ASU 2019-12, ncome Taxes (Topic 740): Simplifying the Accounting for Income Taxes 2019-12 2019-12 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Accounting Policies [Abstract] | ||
Activity in Allowance for Doubtful Accounts | A summary of activity in the allowance for doubtful accounts is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 167 $ 123 $ — Charged to (recovery of) bad debt expense — 452 (105 ) 619 Write off of uncollectible accounts — — (18 ) — Translation adjustments — 3 — 3 Balance, end of period $ — $ 622 $ — $ 622 | A summary of activity in the allowance for doubtful accounts is as follows: Fiscal Year Ended 2018 2019 2020 Balance, beginning of period $ 349 $ 20 $ 123 Charged to (recovery of) bad debt expense (329 ) 110 (105 ) Write offs and others — (7 ) (18 ) Balance, end of period $ 20 $ 123 $ — |
Summary of Estimated Useful Lives by Asset Classification | The estimated useful lives by asset classification are generally as follows: Asset Classification Estimated Useful Life Furniture and fixtures 3-7 Computers and equipment 3 years Leasehold improvements Shorter of remaining life of the lease term or estimated useful life | |
Summary of Cumulative Effects of Initially Applying New Revenue Standard | The Company adopted the requirements of ASU 2014-09 As of January 31, Topic 606 As of February 1, Accounts receivable, less allowance for doubtful accounts (1) $ 25,495 $ (1,978 ) $ 23,517 Costs capitalized to obtain revenue contracts, current portion, net — 2,879 2,879 Costs capitalized to obtain revenue contracts, noncurrent, net — 5,330 5,330 Total assets $ 119,966 $ 6,231 $ 126,197 Deferred revenue, current portion 34,172 (4,366 ) 29,806 Deferred revenue, noncurrent 825 (825 ) — Total liabilities $ 53,930 $ (5,191 ) $ 48,739 Stockholders’ Equity: Accumulated deficit $ (104,752 ) $ 11,422 $ (93,330 ) (1) Unbilled accounts receivable previously included in Accounts receivable, less allowance for doubtful accounts before the adoption of Topic 606. | |
Summary of New Revenue Standard Impacted Consolidated Statement of Operations and Consolidated Balance Sheet | Adoption of the new revenue standard impacted the Company’s consolidated statement of operations for the year ended January 31, 2020 as follows: As reported Topic 606 Amounts without Subscription $ 103,265 $ 2,351 $ 105,616 Professional services 34,915 (1,901 ) 33,014 Total revenues 138,180 450 138,630 Subscription 31,062 914 31,976 Professional services 33,008 (8 ) 33,000 Total cost of revenues 64,070 906 64,976 Gross profit 74,110 (456 ) 73,654 Sales and marketing 44,440 2,404 46,844 Research and development 35,304 (21 ) 35,283 Total operating expenses 102,280 2,383 104,663 Net loss attributable to nCino, Inc. $ (27,594 ) $ (2,839 ) $ (30,433 ) Basic and diluted net loss per share $ (0.35 ) $ 0.04 $ (0.39 ) Adoption of the new revenue standard impacted the Company’s consolidated balance sheet as of January 31, 2020 as follows: As reported Topic 606 Amounts without Accounts receivable, less allowance for doubtful accounts $ 34,205 $ 260 $ 34,465 Costs capitalized to obtain revenue contracts, current portion, net 3,608 (3,608 ) — Costs capitalized to obtain revenue contracts, noncurrent, net 7,000 (7,000 ) — Total assets 249,894 (10,348 ) 239,546 Deferred revenue, current portion 50,929 3,923 54,852 Total liabilities 78,517 3,923 82,440 Stockholders’ Equity: Accumulated other comprehensive loss (408 ) (10 ) (418 ) Accumulated deficit (120,924 ) (14,261 ) (135,185 ) |
Variable Interest Entity and _2
Variable Interest Entity and Redeemable Non-Controlling Interest (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Noncontrolling Interest [Abstract] | ||
Temporary Equity | The following table summarizes the activity in the redeemable non-controlling Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 4,384 $ — $ 4,356 Net loss attributable to redeemable non-controlling — (232 ) — (408 ) Foreign currency translation — 78 — 169 Adjustment to redeemable non-controlling — 154 — 267 Balance, end of period $ — $ 4,384 $ — $ 4,384 | The following table summarizes the activity in the redeemable non-controlling Balance as of January 31, 2019 $ — Investment by redeemable non-controlling 4,513 Net loss attributable to redeemable non-controlling (141 ) Foreign currency translation (16 ) Balance as of January 31, 2020 $ 4,356 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Fair Value, Assets Measured on Recurring Basis | The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2020 and July 31, 2020 and indicates the fair value hierarchy of the valuation: Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 67,119 $ — $ — Total assets $ 67,119 $ — $ — Liabilities: Contingent consideration (included in other long-term liabilities) $ — $ — $ 195 Total liabilities $ — $ — $ 195 Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 353,857 $ — $ — Total assets $ 353,857 $ — $ — Liabilities: Contingent consideration (included in other accrued expenses) $ — $ — $ 209 Total liabilities $ — $ — $ 209 | The following table summarizes the Company’s financial assets measured at fair value as of January 31, 2019 and 2020 and indicates the fair value hierarchy of the valuation: Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 59,630 $ — $ — Total assets $ 59,630 $ — $ — Fair value measurements on a recurring basis Level 1 Level 2 Level 3 Assets: Money market accounts (included in cash and cash equivalents) $ 67,119 $ — $ — Total assets $ 67,119 $ — $ — Liabilities: Contingent consideration (included in other long-term liabilities) $ — $ — $ 195 Total liabilities $ — $ — $ 195 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A reconciliation of the balance for contingent consideration obligations for the three and six months ended July 31, 2020 is as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Balance, beginning of period $ — $ 190 $ — $ 195 Acquisitions — — — — Change in fair value — — — — Translation adjustments — 19 — 14 Balance, end of period $ — $ 209 $ — $ 209 | A reconciliation of the beginning and ending balances for contingent consideration obligations are as follows: Balance as of January 31, 2018 $ — Acquisitions — Change in fair value — Translation adjustments — Balance as of January 31, 2019 — Acquisitions 197 Change in fair value — Translation adjustments (2 ) Balance as of January 31, 2020 $ 195 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue by Geographic Region | Revenues by geographic region were as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 United States $ 29,653 $ 44,049 $ 57,332 $ 84,520 International $ 2,325 $ 4,716 $ 4,482 $ 8,957 $ 31,978 $ 48,765 $ 61,814 $ 93,477 | Revenue by geographic region were as follows: Fiscal Year Ended January 31, 2018 2019 2020 United States $ 58,075 $ 87,328 $ 127,192 International 67 4,207 10,988 $ 58,142 $ 91,534 $ 138,180 |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2020 and July 31, 2020: As of January 31, As of July 31, Trade accounts receivable $ 32,686 $ 29,082 Unbilled accounts receivable 1,425 1,321 Allowance for doubtful accounts — (622 ) Other accounts receivable 94 447 Total accounts receivable, net $ 34,205 $ 30,228 | Accounts receivable, less allowance for doubtful accounts, is as follows as of January 31, 2019 and 2020: As of January 31, 2019 2020 Trade accounts receivable $ 21,999 $ 32,686 Unbilled accounts receivable 3,589 1,425 Other accounts receivable 30 94 Allowances (123 ) — Total accounts receivable, net $ 25,495 $ 34,205 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: As of January 31, 2019 2020 Furniture and fixtures $ 4,407 $ 5,279 Computers and equipment 2,743 3,907 Leasehold Improvements 6,834 8,436 Construction-in-progress 42 2,055 14,026 19,677 Less accumulated depreciation (3,620 ) (6,200 ) $ 10,406 $ 13,477 |
Schedule of Company Recognized Depreciation Expense | The Company recognized depreciation expense as follows: Fiscal Year Ended January 31, 2018 2019 2020 Cost of revenues $ 346 $ 534 $ 949 Sales and marketing 238 368 739 Research and development 270 383 835 General and administrative 116 173 338 Total depreciation expense $ 970 $ 1,458 $ 2,861 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Schedule of Business Acquisitions, by Acquisition | The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to members $ 49,428 Voting common stock issued (1,438,805 shares) 23,812 Total consideration $ 73,240 The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to shareholders $ 3,928 Cash consideration to settle debt 137 Voting common stock issued (63,967 shares) 1,392 Contingent consideration—cash payment 197 Contingent consideration—voting common stock 5,857 Total consideration $ 11,511 | The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to members $ 49,428 Voting common stock issued (1,438,805 shares) 23,812 Total consideration $ 73,240 |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition: Fair Cash and cash equivalents $ 1,209 Accounts receivable 1,177 Other current and noncurrent assets 574 Intangible assets 25,500 Goodwill 46,584 Accounts payable, accrued expenses and other liabilities, current and noncurrent (1,804 ) Net assets acquired $ 73,240 | |
Schedule of Intangible Assets Amortization and Useful Lives | The following table sets forth the components of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the date of acquisition: Fair Useful Developed technology $ 3,800 4 years Customer relationships 21,600 13 years Trademarks 100 < 1 year Total intangible assets subject to amortization $ 25,500 | |
Schedule of Proforma Statements of Operations | The table below shows the pro forma statements of operations for the respective years ending January 31: (Unaudited) 2019 2020 Revenues $ 102,244 $ 142,958 Net loss attributable to nCino, Inc. (24,954 ) (27,647 ) | |
Fin Suite Pty Ltd | ||
Schedule of Business Acquisitions, by Acquisition | The acquisition-date fair value of the consideration transferred is as follows: Total Cash consideration to shareholders $ 3,928 Cash consideration to settle debt 137 Voting common stock issued (63,967 shares) 1,392 Contingent consideration – cash payment 197 Contingent consideration – voting common stock 5,857 Total consideration $ 11,511 | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition: Fair Value Cash and cash equivalents $ 17 Accounts receivable 78 Other current and noncurrent assets 301 Intangible assets 2,376 Goodwill 9,405 Accounts payable, accrued expenses and other liabilities, current and noncurrent (666 ) Net assets acquired $ 11,511 | |
Schedule of Intangible Assets Amortization and Useful Lives | The following table sets forth the components of identifiable intangible assets and their estimated useful lives over which the acquired intangible assets will be amortized on a straight-line basis, as this approximates the pattern in which economic benefits of the assets are consumed as of the date of acquisition: Fair Value Useful Life Developed technology $ 2,244 4 years Customer relationships 107 13 years Trademarks 25 < 1 year Total intangible assets subject to amortization $ 2,376 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Finite-Lived Intangible Assets | Intangible assets, net are as follows: As of January 31, 2020 As of July 31, 2020 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Acquired developed technology $ 6,008 $ (695 ) $ 5,313 $ 6,172 $ (1,477 ) $ 4,695 Customer relationships 21,706 (937 ) 20,769 21,714 (1,773 ) 19,941 Trademarks 125 (114 ) 11 127 (127 ) — $ 27,839 $ (1,746 ) $ 26,093 $ 28,013 $ (3,377 ) $ 24,636 | Intangible assets, net are as follows: As of January 31, 2020 Weighted Gross Accumulated Net Acquired developed technology $ 6,008 $ (695 ) $ 5,313 3.5 Customer relationships 21,706 (937 ) 20,769 12.4 Trademarks 125 (114 ) 11 0.2 $ 27,839 $ (1,746 ) $ 26,093 10.6 |
Finite-lived Intangible Assets Amortization Expense | The Company recognized amortization expense as follows: Three Months Ended Six Months Ended 2019 2020 2019 2020 Cost of revenues $ 60 $ 378 $ 60 $ 747 Sales and marketing 105 418 105 835 General and administrative 12 — 12 10 Total amortization expense $ 177 $ 796 $ 177 $ 1,592 | The Company recognized amortization expense as follows: Fiscal Year Ended 2018 2019 2020 Cost of revenues $ — $ — $ 697 Sales and marketing — — 937 General and administrative — — 114 Total amortization expense $ — $ — $ 1,748 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The expected future amortization expense for intangible assets as of July 31, 2020 is as follows: Fiscal Year Ending January 31, 2021 (remaining) 1,606 2022 3,212 2023 3,212 2024 2,511 2025 1,670 Thereafter 12,425 $ 24,636 | The expected future amortization expense for intangible assets as of January 31, 2020 is as follows: Fiscal Year Ending January 31, 2021 $ 3,182 2022 3,172 2023 3,172 2024 2,478 2025 1,670 Thereafter 12,419 $ 26,093 |
Schedule of Change in Carrying Amount of Goodwill | The change in the carrying amounts of goodwill was as follows: Balance as of January 31, 2018 $ — Acquisitions — Translation adjustments — Balance as of January 31, 2019 — Acquisitions 55,989 Translation adjustments (149 ) Balance as of January 31, 2020 $ 55,840 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Equity [Abstract] | ||
Schedule of Stock by Class | At July 31, 2020, the Company committed a total of 24,785,528 shares of common stock for future issuance as follows: Issued and outstanding stock options 7,464,094 Nonvested issued and outstanding restricted stock units (“RSUs”) 2,041,093 Possible issuance under stock plans 15,280,341 24,785,528 | At January 31, 2020, the Company committed a total of 9,579,061 shares of common stock for future issuance as follows: Issued and outstanding stock options 7,837,023 Nonvested issued and outstanding restricted stock units (“RSU”s) 948,119 Possible issuance under incentive plans 793,919 9,579,061 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Assumptions Utilized for Stock Options | The assumptions utilized for the fiscal years ended January 31, 2018, 2019, and 2020 are as follows: 2018 2019 2020 Expected life (in years from vesting) 6.08 - 6.25 6.25 6.10 -6.25 Expected volatility 42% - 44% 40% - 41% 40% Expected dividends 0.00% 0.00% 0.00% Risk-free rate 2.07% - 2.27% 2.71% - 3.06% 1.63% - 2.59% | |
Schedule of Recognized Stock-based Compensation Expense related to the Option Grants under the Incentive Plans | The Company recognized stock-based compensation expense related to the option grants under the Incentive Plans as follows: Fiscal Year Ended 2018 2019 2020 Cost of revenues $ 1,357 $ 1,487 $ 1,517 Sales and marketing 940 1,078 1,260 Research and development 1,070 1,056 1,245 General and administrative (1) 459 474 1,723 Total stock-based compensation expense $ 3,826 $ 4,095 $ 5,745 (1) On June 26, 2019, the Company entered into a separation agreement with an executive. The agreement resulted in a modification of the former employee’s 334,840 outstanding stock options to purchase voting common stock, which accelerated certain vesting and extended the exercise period, resulting in the recognition of $1.2 million of additional stock-based compensation expense for the year ended January 31, 2020. | |
Stock Option Activity | Stock option activity during the six months ended July 31, 2020 was as follows: Number of Weighted Outstanding, January 31, 2020 7,837,023 $ 5.39 Granted — — Expired or forfeited (46,899 ) 10.87 Exercised (326,030 ) 2.64 Outstanding, July 31, 2020 7,464,094 $ 5.48 Exercisable, July 31, 2020 5,542,247 $ 4.07 Fully vested or expected to vest, July 31, 2020 6,717,685 $ 5.48 | A summary of option activity under the Incentive Plans during the fiscal years ended January 31, 2018, 2019 and 2020 are as follows: Number of Weighted Weighted Aggregate Outstanding, January 31, 2017 6,845,834 $ 1.94 7.76 Granted 4,267,151 5.17 Expired or forfeited (125,642 ) 2.93 Exercised (695,384 ) 1.35 $ 2,617 Outstanding, January 31, 2018 10,291,959 3.31 7.77 Granted 969,762 13.50 Expired or forfeited (209,313 ) 9.46 Exercised (2,845,482 ) 2.20 $ 32,365 Outstanding, January 31, 2019 8,206,926 $ 4.74 7.34 Granted 353,900 17.54 Expired or forfeited (265,033 ) 6.82 Exercised (458,770 ) 2.27 $ 7,639 Outstanding, January 31, 2020 7,837,023 $ 5.39 6.54 $ 126,245 Exercisable, January 31, 2020 4,832,586 $ 3.68 5.88 $ 86,099 Fully vested or expected to vest, January 31, 2020 7,053,321 $ 5.39 6.54 $ 113,620 |
Schedule of Nonvested Restricted Stock Units Activity | Restricted stock unit (“RSU”) activity during the six months ended July 31, 2020 was as follows: Number of Weighted Average Nonvested, January 31, 2020 948,119 $ 21.75 Granted 1,120,054 20.07 Vested 1 (17,500 ) 20.00 Forfeited (9,580 ) 21.53 Nonvested, July 31, 2020 2,041,093 $ 20.84 1 Includes 17,500 RSUs that were not issued and outstanding as of July 31, 2020. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Loss Before Income Tax Expense by Domestic and Foreign Jurisdictions | The components of loss before income tax expense by domestic and foreign jurisdictions were as follows: Fiscal Year Ended January 31, 2018 2019 2020 United States $ (18,757 ) $ (17,333 ) $ (20,547 ) Foreign 218 (4,779 ) (6,602 ) Income Before Taxes $ (18,539 ) $ (22,112 ) $ (27,149 ) |
Provision for Income Taxes | The provision for income taxes consisted of the following: Fiscal Year Ended 2018 2019 2020 Current: Federal $ — $ — $ — State — — 21 Foreign 50 194 410 50 194 431 Deferred: Federal — — 76 State — — 56 Foreign — — 23 Deferred tax expense — — 155 Total tax expense: $ 50 $ 194 $ 586 |
Differences Between Income Taxes Expected at the US Federal Statutory Income Tax Rate and the Reported Income Tax Expense | The differences between income taxes expected at the US federal statutory income tax rate and the reported income tax expense are summarized as follows: Fiscal Year Ended January 31, 2018 2019 2020 Income tax benefit at statutory rate of 21% for 2019 and 2020 (2018: 33.8%) $ (6,268 ) 33.8 % $ (4,644 ) 21.0 % $ (5,701 ) 21.0 % State income tax benefit, net of federal impact (780 ) 4.2 % (1,331 ) 6.0 % 141 -0.5 % Changes in valuation allowance (3,284 ) 17.7 % 11,627 -52.6 % 3,303 -12.2 % Impacts of adoption of the new revenue standard — 0.0 % — 0.0 % 2,389 -8.8 % Nondeductible expenses 66 -0.4 % 175 -0.8 % 231 -0.8 % Foreign rate differential (32 ) 0.2 % 96 -0.4 % 108 -0.4 % Stock-based compensation 181 -1.0 % (5,753 ) 26.0 % 19 -0.1 % Remeasurement of deferred taxes due to Tax Cuts and Jobs Act 9,958 -53.7 % — 0.0 % — 0.0 % Other 209 -1.1 % 24 -0.1 % 96 -0.4 % $ 50 -0.3 % $ 194 -0.9 % $ 586 -2.2 % |
Significant Components of Company's Net Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets and liabilities were as follows: As of 2019 2020 Deferred tax assets: Net operating losses $ 31,765 $ 35,608 Equity compensation 876 1,655 Reserves and accrueds 342 1,156 Deferred rent 44 416 Transaction costs — 311 Deferred revenue — 151 Depreciation — 126 Other 160 238 Total deferred tax assets 33,187 39,661 Less valuation allowance (33,121 ) (36,425 ) Total deferred tax assets, net of valuation allowances 66 3,236 Deferred tax liabilities: Contract acquisition costs — (2,568 ) Remaining perforamance obligations (497 ) Intangibles (316 ) Other (66 ) (49 ) Total deferred tax liabilities (66 ) (3,430 ) Net deferred tax liabilities $ — $ (194 ) |
Federal Loss Carryforwards That May be Offset Against Future Taxable Income | The Company has federal loss carryforwards totaling $267,652 that may be offset against future taxable income. If not used, the carryforwards will expire as follows: Fiscal Year Ending January 31, 2032 and before $ 40,606 2033 7,098 2034 18,355 2035 20,379 2036 9,995 2037 51,551 2038 25,766 2039 13,900 2040 3,291 Indefinite 76,710 $ 267,652 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments for Operating Leases | Future minimum lease payments required under operating leases at January 31, 2020 are as follows: Fiscal Year Ending January 31, 2021 $ 6,068 2022 4,523 2023 3,815 2024 3,245 2025 1,276 Thereafter 3,798 $ 22,725 |
Basic and Diluted Loss per Sh_2
Basic and Diluted Loss per Share (Tables) | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted | The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended 2019 2020 2019 2020 Basic loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502 ) $ (14,646 ) $ (11,921 ) $ (19,415 ) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Basic loss per share attributable to nCino, Inc. $ (0.11 ) $ (0.17 ) $ (0.16 ) $ (0.23 ) Dilutive loss per share: Numerator Net loss attributable to nCino, Inc. $ (8,502 ) $ (14,646 ) $ (11,921 ) $ (19,415 ) Denominator Weighted-average common shares outstanding 76,420,098 84,629,777 76,206,900 83,112,132 Dilutive loss per share attributable to nCino, Inc. $ (0.11 ) $ (0.17 ) $ (0.16 ) $ (0.23 ) | The components of basic and diluted loss per share for periods presented are as follows (in thousands, except share and per share data): Fiscal Year Ended 2018 2019 2020 Basic loss per share: Numerator Net loss attributable to nCino, Inc. $ (18,589 ) $ (22,306 ) $ (27,594 ) Denominator Weighted-average common shares outstanding 68,290,570 74,593,709 78,316,794 Basic loss per share attributable to nCino, Inc. $ (0.27 ) $ (0.30 ) $ (0.35 ) Dilutive loss per share: Numerator Net loss attributable to nCino, Inc. $ (18,589 ) $ (22,306 ) $ (27,594 ) Denominator Weighted-average common shares outstanding 68,290,570 74,593,709 78,316,794 Dilutive loss per share attributable to nCino, Inc. $ (0.27 ) $ (0.30 ) $ (0.35 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive: July 31, 2019 2020 Stock options issued and outstanding 8,008,329 7,464,094 Nonvested RSUs issued and outstanding — 2,041,093 | The weighted-average number of shares outstanding used in the computation of diluted loss per share does not include the effect of the following potential outstanding common stock because the effect would have been anti-dilutive for the periods presented: Fiscal Year Ended 2018 2019 2020 Stock options issued and outstanding 10,291,959 8,206,926 7,837,023 Nonvested RSUs issued and outstanding — — 948,119 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Selected summarized quarterly financial information for fiscal 2019 and 2020 is as follows: 1st 2nd 3rd 4th Fiscal Fiscal Year Ended January 31, 2019 Revenues $ 19,064 $ 22,630 $ 23,663 $ 26,177 $ 91,534 Cost of revenues 10,119 11,048 12,210 13,074 46,451 Gross profit 8,945 11,582 11,453 13,103 45,083 Operating expenses: Sales and marketing 5,833 7,909 7,844 9,692 31,278 Research and development 4,595 4,941 5,823 6,871 22,230 General and administrative 2,922 4,217 2,806 4,846 14,791 Total operating expenses 13,350 17,067 16,473 21,409 68,299 Loss from operations (4,405 ) (5,485 ) (5,020 ) (8,306 ) (23,216 ) Total other income (expense), net 214 206 108 576 1,104 Loss before income tax expense (4,191 ) (5,279 ) (4,912 ) (7,730 ) (22,112 ) Income tax expense 60 45 14 75 194 Net loss attributable to nCino, Inc. $ (4,251 ) $ (5,324 ) $ (4,926 ) $ (7,805 ) $ (22,306 ) Basic and diluted net loss per share attributable to nCino, Inc. $ (0.06 ) $ (0.07 ) $ (0.07 ) $ (0.11 ) $ (0.30 ) Fiscal Year Ended January 31, 2020 Revenues $ 29,836 $ 31,978 $ 37,862 $ 38,504 $ 138,180 Cost of revenues 14,038 14,770 16,889 18,373 64,070 Gross profit 15,798 17,208 20,973 20,131 74,110 Operating expenses: Sales and marketing 8,015 10,453 12,602 13,370 44,440 Research and development 7,366 8,272 9,534 10,132 35,304 General and administrative 3,909 6,430 5,557 6,640 22,536 Total operating expenses 19,290 25,155 27,693 30,142 102,280 Loss from operations (3,492 ) (7,947 ) (6,720 ) (10,011 ) (28,170 ) Total other income (expense), net 209 (353 ) 789 376 1,021 Loss before income tax expense (3,283 ) (8,300 ) (5,931 ) (9,635 ) (27,149 ) Income tax expense 136 202 158 90 586 Net loss (3,419 ) (8,502 ) (6,089 ) (9,725 ) (27,735 ) Net loss attributable to non-controlling — — (60 ) (81 ) (141 ) Net loss attributable to nCino, Inc. $ (3,419 ) $ (8,502 ) $ (6,029 ) $ (9,644 ) $ (27,594 ) Basic and diluted net loss per share attributable to nCino, Inc. $ (0.05 ) $ (0.11 ) $ (0.08 ) $ (0.12 ) $ (0.35 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |||||
Jul. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Jan. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2018USD ($) | |
Concentration Risk [Line Items] | |||||||
Number of Operating Segments | Segment | 1 | ||||||
Costs capitalized during the period | $ 0 | $ 0 | $ 0 | ||||
Unamortized capitalized software costs | 0 | 0 | |||||
Impairment of intangible assets | $ 0 | $ 0 | $ 0 | ||||
Foreign currency transaction | 40,000 | 100,000 | $ 5,000 | ||||
Accumulated deficit | $ (140,072,000) | (120,924,000) | $ (104,752,000) | ||||
Contract acquisition costs | 8,200,000 | ||||||
Decrease in deferred revenue | (5,200,000) | ||||||
Decrease in accumulated deficit | (2,000,000) | ||||||
Decrease impact of subscription revenue | (900,000) | ||||||
Increase impact of subscription revenue | $ 600,000 | ||||||
Customer Concentration Risk | Two Customers | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 6.00% | 9.00% | 14.00% | ||||
Customer Concentration Risk | Three Customers [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 20.00% | ||||||
Customer Concentration Risk | Equity Holders | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 3.00% | 4.00% | 14.00% | ||||
Accounts Receivable | Customer Concentration Risk | Two Customers | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 22.00% | 29.00% | 40.00% | ||||
Accounts Receivable | Customer Concentration Risk | Three Customers [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 58.00% | ||||||
Accounts Receivable | Customer Concentration Risk | Equity Holders | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 11.00% | 14.00% | 40.00% | ||||
Accounts Receivable | Customer Concentration Risk | One Customer | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk, percentage | 12.00% | ||||||
Minimum | Software Development | |||||||
Concentration Risk [Line Items] | |||||||
Property plant and equipment useful life | 2 years | ||||||
Maximum | Software Development | |||||||
Concentration Risk [Line Items] | |||||||
Property plant and equipment useful life | 5 years | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Concentration Risk [Line Items] | |||||||
Accumulated deficit | $ 11,400,000 | ||||||
Sales and marketing | |||||||
Concentration Risk [Line Items] | |||||||
Advertising cost | $ 3,700,000 | $ 1,800,000 | $ 1,200,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Uncollectible Accounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance, beginning of period | $ 167 | $ 0 | $ 0 | $ 123 | $ 123 | $ 20 | $ 349 |
Charged to (recovery of) bad debt expense | 452 | 0 | 619 | (105) | (105) | 103 | (329) |
Write off of uncollectible accounts | 0 | 0 | 0 | (18) | (18) | (7) | 0 |
Translation adjustments | 3 | 0 | 3 | 0 | |||
Balance, end of period | $ 622 | $ 0 | $ 622 | $ 0 | $ 0 | 123 | $ 20 |
Previously Reported | |||||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Charged to (recovery of) bad debt expense | $ 110 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property and Equipment Useful Lives (Detail) | 12 Months Ended |
Jan. 31, 2020 | |
Computers and equipment | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Leasehold Improvements | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment useful life | Shorter of remaining life of the lease term or estimated useful life |
Minimum | Furniture and fixtures | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Maximum | Furniture and fixtures | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment useful life | 7 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Cummulative Effect of Accounting Standard (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Feb. 01, 2019 | Jan. 31, 2019 |
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, less allowance for doubtful accounts | $ 30,228 | $ 34,205 | $ 25,495 | |
Costs capitalized to obtain revenue contracts, current portion, net | 4,007 | 3,608 | 0 | |
Costs capitalized to obtain revenue contracts, noncurrent, net | 7,817 | 7,000 | 0 | |
Total assets | 533,799 | 250,151 | 119,966 | |
Deferred revenue, current portion | 84,288 | 50,929 | 34,172 | |
Deferred revenue, noncurrent | 0 | 825 | ||
Total liabilities | 101,925 | 78,522 | 53,930 | |
Stockholders' Equity: | ||||
Accumulated deficit | $ (140,072) | (120,924) | (104,752) | |
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, less allowance for doubtful accounts | $ 23,517 | 25,495 | ||
Costs capitalized to obtain revenue contracts, current portion, net | 3,608 | 2,879 | ||
Costs capitalized to obtain revenue contracts, noncurrent, net | 7,000 | 5,330 | ||
Total assets | 249,894 | 126,197 | 119,966 | |
Deferred revenue, current portion | 50,929 | 29,806 | 34,172 | |
Deferred revenue, noncurrent | 825 | |||
Total liabilities | 78,517 | 48,739 | 53,930 | |
Stockholders' Equity: | ||||
Accumulated deficit | (120,924) | (93,330) | $ (104,752) | |
Revision of Prior Period, Accounting Standards Update, Adjustment | Topic 606 Adjustments | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, less allowance for doubtful accounts | (1,978) | |||
Costs capitalized to obtain revenue contracts, current portion, net | (3,608) | 2,879 | ||
Costs capitalized to obtain revenue contracts, noncurrent, net | (7,000) | 5,330 | ||
Total assets | (10,348) | 6,231 | ||
Deferred revenue, current portion | 3,923 | (4,366) | ||
Deferred revenue, noncurrent | (825) | |||
Total liabilities | 3,923 | (5,191) | ||
Stockholders' Equity: | ||||
Accumulated deficit | $ (14,261) | $ 11,422 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of New Revenue Standard Impacted Consolidated Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | $ 48,765 | $ 38,504 | $ 37,862 | $ 31,978 | $ 29,836 | $ 26,177 | $ 23,663 | $ 22,630 | $ 19,064 | $ 93,477 | $ 61,814 | $ 138,180 | $ 91,534 | $ 58,142 | ||||
Total cost of revenues | 22,587 | 18,373 | 16,889 | 14,770 | 14,038 | 13,074 | 12,210 | 11,048 | 10,119 | 41,453 | 28,808 | 64,070 | 46,451 | 30,471 | ||||
Gross profit | 26,178 | 20,131 | 20,973 | 17,208 | 15,798 | 13,103 | 11,453 | 11,582 | 8,945 | 52,024 | 33,006 | 74,110 | 45,083 | 27,671 | ||||
Sales and marketing | 15,626 | [1] | 13,370 | 12,602 | 10,453 | [1] | 8,015 | 9,692 | 7,844 | 7,909 | 5,833 | 27,852 | [1] | 18,468 | [1] | 44,440 | 31,278 | 20,954 |
Research and development | 15,292 | [1] | 10,132 | 9,534 | 8,272 | [1] | 7,366 | 6,871 | 5,823 | 4,941 | 4,595 | 26,257 | [1] | 15,638 | [1] | 35,304 | 22,230 | 16,559 |
Total operating expenses | 41,871 | 30,142 | 27,693 | 25,155 | 19,290 | $ 21,409 | $ 16,473 | $ 17,067 | $ 13,350 | 71,988 | 44,445 | 102,280 | 68,299 | 46,446 | ||||
Net loss attributable to nCino, Inc. | $ (14,646) | $ (9,644) | $ (6,029) | $ (8,502) | $ (3,419) | $ (19,415) | $ (11,921) | $ (27,594) | $ (22,306) | $ (18,589) | ||||||||
Basic and diluted net loss per share | $ (0.17) | $ (0.12) | $ (0.08) | $ (0.11) | $ (0.05) | $ (0.11) | $ (0.07) | $ (0.07) | $ (0.06) | $ (0.23) | $ (0.16) | $ (0.35) | $ (0.30) | $ (0.27) | ||||
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | $ 138,180 | |||||||||||||||||
Total cost of revenues | 64,070 | |||||||||||||||||
Gross profit | 74,110 | |||||||||||||||||
Sales and marketing | 44,440 | |||||||||||||||||
Research and development | 35,304 | |||||||||||||||||
Total operating expenses | 102,280 | |||||||||||||||||
Net loss attributable to nCino, Inc. | $ (27,594) | |||||||||||||||||
Basic and diluted net loss per share | $ (0.35) | |||||||||||||||||
Topic 606 Adjustments | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | $ 450 | |||||||||||||||||
Total cost of revenues | 906 | |||||||||||||||||
Gross profit | (456) | |||||||||||||||||
Sales and marketing | 2,404 | |||||||||||||||||
Research and development | (21) | |||||||||||||||||
Total operating expenses | 2,383 | |||||||||||||||||
Net loss attributable to nCino, Inc. | $ (2,839) | |||||||||||||||||
Basic and diluted net loss per share | $ 0.04 | |||||||||||||||||
License and Service | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | $ 39,351 | $ 23,110 | $ 74,182 | $ 44,142 | $ 103,265 | $ 64,458 | $ 38,048 | |||||||||||
Total cost of revenues | 11,920 | [1] | 7,083 | [1] | 22,019 | [1] | 13,585 | [1] | 31,062 | 19,995 | 12,581 | |||||||
License and Service | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | 103,265 | |||||||||||||||||
Total cost of revenues | (31,062) | |||||||||||||||||
License and Service | Topic 606 Adjustments | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | 2,351 | |||||||||||||||||
Total cost of revenues | (914) | |||||||||||||||||
Professional Services | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | 9,414 | 8,868 | 19,295 | 17,672 | 34,915 | 27,076 | 20,094 | |||||||||||
Total cost of revenues | $ 10,667 | [1] | $ 7,687 | [1] | $ 19,434 | [1] | $ 15,223 | [1] | 33,008 | $ 26,456 | $ 17,890 | |||||||
Professional Services | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | 34,915 | |||||||||||||||||
Total cost of revenues | (33,008) | |||||||||||||||||
Professional Services | Topic 606 Adjustments | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | (1,901) | |||||||||||||||||
Total cost of revenues | 8 | |||||||||||||||||
Amount Without Topic 606 Adoption Impact | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | 138,630 | |||||||||||||||||
Total cost of revenues | 64,976 | |||||||||||||||||
Gross profit | 73,654 | |||||||||||||||||
Sales and marketing | 46,844 | |||||||||||||||||
Research and development | 35,283 | |||||||||||||||||
Total operating expenses | 104,663 | |||||||||||||||||
Net loss attributable to nCino, Inc. | $ (30,433) | |||||||||||||||||
Basic and diluted net loss per share | $ (0.39) | |||||||||||||||||
Amount Without Topic 606 Adoption Impact | License and Service | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | $ 105,616 | |||||||||||||||||
Total cost of revenues | (31,976) | |||||||||||||||||
Amount Without Topic 606 Adoption Impact | Professional Services | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||||
Total revenues | 33,014 | |||||||||||||||||
Total cost of revenues | $ (33,000) | |||||||||||||||||
[1] | Includes stock-based compensation expense as follows |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Summary of New Revenue Standard Impacted Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Feb. 01, 2019 | Jan. 31, 2019 |
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, less allowance for doubtful accounts | $ 622 | $ 0 | $ 123 | |
Costs capitalized to obtain revenue contracts, current portion, net | 4,007 | 3,608 | 0 | |
Costs capitalized to obtain revenue contracts, noncurrent, net | 7,817 | 7,000 | 0 | |
Total assets | 533,799 | 250,151 | 119,966 | |
Deferred revenue, current portion | 84,288 | 50,929 | 34,172 | |
Total liabilities | 101,925 | 78,522 | 53,930 | |
Stockholders' Equity: | ||||
Accumulated other comprehensive loss | 202 | (408) | (21) | |
Accumulated deficit | $ (140,072) | (120,924) | (104,752) | |
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, less allowance for doubtful accounts | 34,205 | |||
Costs capitalized to obtain revenue contracts, current portion, net | 3,608 | $ 2,879 | ||
Costs capitalized to obtain revenue contracts, noncurrent, net | 7,000 | 5,330 | ||
Total assets | 249,894 | 126,197 | 119,966 | |
Deferred revenue, current portion | 50,929 | 29,806 | 34,172 | |
Total liabilities | 78,517 | 48,739 | 53,930 | |
Stockholders' Equity: | ||||
Accumulated other comprehensive loss | (408) | |||
Accumulated deficit | (120,924) | (93,330) | $ (104,752) | |
Topic 606 Adjustments | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, less allowance for doubtful accounts | 260 | |||
Costs capitalized to obtain revenue contracts, current portion, net | (3,608) | 2,879 | ||
Costs capitalized to obtain revenue contracts, noncurrent, net | (7,000) | 5,330 | ||
Total assets | (10,348) | 6,231 | ||
Deferred revenue, current portion | 3,923 | (4,366) | ||
Total liabilities | 3,923 | (5,191) | ||
Stockholders' Equity: | ||||
Accumulated other comprehensive loss | (10) | |||
Accumulated deficit | (14,261) | $ 11,422 | ||
Amount Without Topic 606 Adoption Impact | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable, less allowance for doubtful accounts | 34,465 | |||
Total assets | 239,546 | |||
Deferred revenue, current portion | 54,852 | |||
Total liabilities | 82,440 | |||
Stockholders' Equity: | ||||
Accumulated other comprehensive loss | (418) | |||
Accumulated deficit | $ (135,185) |
Variable Interest Entity and _3
Variable Interest Entity and Redeemable Non-Controlling Interest - Narrative (Detail) - nCino K.K - USD ($) $ in Millions | 1 Months Ended | ||
Oct. 31, 2019 | Jul. 31, 2020 | Jan. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Payments to noncontrolling interests | $ 4.7 | ||
Estimated redeemable noncontrolling interest redemption Value | $ 0.3 | $ 0 | |
nCino K.K | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage by parent | 51.00% |
Variable Interest Entity and _4
Variable Interest Entity and Redeemable Non-Controlling Interest - Financial Assets Measured At Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Balance, beginning of period | $ 4,384 | $ 0 | $ 4,356 | $ 0 | $ 0 |
Investment by redeemable non-controlling interest | 4,513 | ||||
Net loss attributable to redeemable non-controlling interest | (232) | 0 | (408) | 0 | (141) |
Foreign currency translation | 78 | 0 | 169 | 0 | (16) |
Adjustment to redeemable non-controlling interest | 154 | 0 | 267 | 0 | |
Balance, end of period | $ 4,384 | $ 0 | $ 4,384 | $ 0 | $ 4,356 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Assets (Detail) - Fair Value, Measurement, Recurring - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 |
Level 1 | |||
Assets: | |||
Total assets | $ 353,857 | $ 67,119 | $ 59,630 |
Liabilities: | |||
Contingent consideration (included in other long-term liabilities) | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 1 | Money Market Funds | |||
Assets: | |||
Money market accounts (included in cash and cash equivalents) | 353,857 | 67,119 | 59,630 |
Level 2 | |||
Assets: | |||
Total assets | 0 | 0 | 0 |
Liabilities: | |||
Contingent consideration (included in other long-term liabilities) | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 2 | Money Market Funds | |||
Assets: | |||
Money market accounts (included in cash and cash equivalents) | 0 | 0 | 0 |
Level 3 | |||
Assets: | |||
Total assets | 0 | 0 | 0 |
Liabilities: | |||
Contingent consideration (included in other long-term liabilities) | 209 | 195 | |
Total liabilities | 209 | 195 | |
Level 3 | Money Market Funds | |||
Assets: | |||
Money market accounts (included in cash and cash equivalents) | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Reconciliation for Contingent Consideration Obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Balance, beginning of period | $ 190 | $ 0 | $ 195 | $ 0 | $ 0 | $ 0 |
Acquisitions | 0 | 0 | 0 | 0 | 197 | 0 |
Change in fair value | 0 | 0 | 0 | 0 | 0 | 0 |
Translation adjustments | 19 | 0 | 14 | 0 | (2) | 0 |
Balance, end of period | $ 209 | $ 0 | $ 209 | $ 0 | $ 195 | $ 0 |
Revenues - Revenue By Geographi
Revenues - Revenue By Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||||||
Total revenues | $ 48,765 | $ 38,504 | $ 37,862 | $ 31,978 | $ 29,836 | $ 26,177 | $ 23,663 | $ 22,630 | $ 19,064 | $ 93,477 | $ 61,814 | $ 138,180 | $ 91,534 | $ 58,142 |
United States | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Total revenues | 44,049 | 29,653 | 84,520 | 57,332 | 127,192 | 87,328 | 58,075 | |||||||
International | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Total revenues | $ 4,716 | $ 2,325 | $ 8,957 | $ 4,482 | $ 10,988 | $ 4,207 | $ 67 |
Revenues - Accounts Receivable
Revenues - Accounts Receivable Less Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 |
Revenue from Contract with Customer [Abstract] | |||
Trade accounts receivable | $ 29,082 | $ 32,686 | $ 21,999 |
Unbilled accounts receivable | 1,321 | 1,425 | 3,589 |
Other accounts receivable | 447 | 94 | 30 |
Allowance for doubtful accounts | (622) | 0 | (123) |
Total accounts receivable, net | $ 30,228 | $ 34,205 | $ 25,495 |
Revenues - Narrative (Detail)
Revenues - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | [1] | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Feb. 01, 2019 | ||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Contract with customer, liability, revenue recognized | $ 43,100 | $ 36,700 | |||||||||||||||||
Remaining performance obligation amount | $ 455,700 | $ 431,500 | 455,700 | 431,500 | |||||||||||||||
Capitalized contract cost, Amortization | 2,430 | $ 1,532 | 3,243 | $ 0 | $ 0 | ||||||||||||||
Research and development expense | 15,292 | [1] | 10,132 | $ 9,534 | $ 8,272 | $ 7,366 | $ 6,871 | $ 5,823 | $ 4,941 | $ 4,595 | 26,257 | [1] | 15,638 | [1] | 35,304 | 22,230 | 16,559 | ||
Sales and marketing expense | 15,626 | [1] | 13,370 | $ 12,602 | $ 10,453 | $ 8,015 | 9,692 | $ 7,844 | $ 7,909 | $ 5,833 | 27,852 | [1] | $ 18,468 | [1] | 44,440 | 31,278 | $ 20,954 | ||
Costs capitalized to obtain revenue contracts, noncurrent, net | $ 7,817 | $ 7,000 | $ 0 | $ 7,817 | $ 7,000 | $ 0 | |||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation percentage | 59.00% | 59.00% | |||||||||||||||||
Remaining performance obligation, expected timing of satisfaction | 24 months | 24 months | |||||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation percentage | 66.00% | 66.00% | |||||||||||||||||
Remaining performance obligation, expected timing of satisfaction | 24 months | 24 months | |||||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation percentage | 34.00% | 34.00% | |||||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation percentage | 30.00% | 30.00% | |||||||||||||||||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation, expected timing of satisfaction | 25 months | 25 months | |||||||||||||||||
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation, expected timing of satisfaction | 25 months | 25 months | |||||||||||||||||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-02-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation, expected timing of satisfaction | 48 months | 48 months | |||||||||||||||||
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-08-01 | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Remaining performance obligation, expected timing of satisfaction | 48 months | 48 months | |||||||||||||||||
Costs Capitalized to Obtain Revenue Contracts | |||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||
Capitalized contract cost, Amortization | $ 10 | ||||||||||||||||||
Research and development expense | 20 | ||||||||||||||||||
Sales and marketing expense | 3,200 | ||||||||||||||||||
Capitalized contract acquisition costs | $ 10,600 | 10,600 | $ 8,200 | ||||||||||||||||
Costs capitalized to obtain revenue contracts, noncurrent, net | $ 7,000 | $ 7,000 | |||||||||||||||||
[1] | Includes stock-based compensation expense as follows |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | $ 19,677 | $ 14,026 | |
Less accumulated depreciation | (6,200) | (3,620) | |
Property, plant and equipment, Net | $ 14,591 | 13,477 | 10,406 |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | 5,279 | 4,407 | |
Computers and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | 3,907 | 2,743 | |
Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | 8,436 | 6,834 | |
Construction-in-progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, Gross | $ 2,055 | $ 42 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Company Recognized Depreciation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | $ 2,861 | $ 1,458 | $ 970 |
Cost of subscription revenues | |||
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | 949 | 534 | 346 |
Sales and marketing | |||
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | 739 | 368 | 238 |
Research and development | |||
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | 835 | 383 | 270 |
General and administrative | |||
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | $ 338 | $ 173 | $ 116 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Detail) $ in Millions | Feb. 01, 2020USD ($) |
Subsequent Event | |
Property, Plant and Equipment [Line Items] | |
Additional furniture and fixtures and leasehold improvements | $ 1.2 |
Business Combinations - Narrati
Business Combinations - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | Oct. 18, 2019 | Jul. 08, 2019 | Jan. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | Sep. 30, 2019 |
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Contingent consideration - cash payment | $ 200 | $ 200 | ||||||
Fair value of contingent consideration | $ 6,000 | $ 6,000 | 6,000 | |||||
First Initial Tranche Earn-Out | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Contingent consideration - cash payment | $ 100 | $ 100 | ||||||
Equity interest issued or issuable, number of shares (in shares) | 142,846 | 142,846 | ||||||
Second Initial Tranche Earn-Out | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Contingent consideration - cash payment | $ 100 | $ 100 | ||||||
Equity interest issued or issuable, number of shares (in shares) | 142,846 | 142,846 | ||||||
Visible Equity, LLC | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Revenues | 5,600 | |||||||
Net loss attributable to nCino, Inc. | $ 1,700 | |||||||
Visible Equity, LLC | General and administrative | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business Acquisition, Transaction Costs | $ 800 | |||||||
Visible Equity, LLC | Voting Common Stock | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business acquisition, equity interest issued or issuable, value assigned per share | $ 16.55 | |||||||
Equity interest issued or issuable, number of shares (in shares) | 1,438,805 | |||||||
Fin Suite Pty Ltd | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Revenues | 800 | $ 142,958 | $ 102,244 | |||||
Net loss attributable to nCino, Inc. | $ 300 | (27,647) | $ (24,954) | |||||
Contingent consideration - cash payment | $ 197 | |||||||
Fin Suite Pty Ltd | General and administrative | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business Acquisition, Transaction Costs | $ 300 | |||||||
Fin Suite Pty Ltd | Voting Common Stock | ||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||
Business acquisition, equity interest issued or issuable, value assigned per share | $ 21.75 | |||||||
Equity interest issued or issuable, number of shares (in shares) | 63,967 |
Business Combinations - Acquisi
Business Combinations - Acquisition of Visible Equity, LLC Consideration Transferred (Detail) - Visible Equity, LLC $ in Thousands | Jul. 08, 2019USD ($)shares |
Business Acquisition [Line Items] | |
Cash consideration to members | $ 49,428 |
Voting common stock issued | 23,812 |
Total consideration | $ 73,240 |
Voting Common Stock | |
Business Acquisition [Line Items] | |
Equity interest issued or issuable, number of shares | shares | 1,438,805 |
Business Combinations - Summary
Business Combinations - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Oct. 18, 2019 | Jul. 08, 2019 | Jan. 31, 2019 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 56,527 | $ 55,840 | $ 0 | ||
Visible Equity, LLC | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 1,209 | ||||
Accounts receivable | 1,177 | ||||
Other current and noncurrent assets | 574 | ||||
Intangible assets | 25,500 | ||||
Goodwill | 46,584 | ||||
Accounts payable, accrued expenses and other liabilities, current and noncurrent | (1,804) | ||||
Net assets acquired | $ 73,240 | ||||
Fin Suite Pty Ltd | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 17 | ||||
Accounts receivable | 78 | ||||
Other current and noncurrent assets | 301 | ||||
Intangible assets | 2,376 | ||||
Goodwill | 9,405 | ||||
Accounts payable, accrued expenses and other liabilities, current and noncurrent | (666) | ||||
Net assets acquired | $ 11,511 |
Business Combinations - Intangi
Business Combinations - Intangible Assets Amortization and Useful Lives (Detail) - USD ($) $ in Thousands | Oct. 18, 2019 | Jul. 08, 2019 | Jan. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2019 |
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 26,093 | $ 24,636 | $ 0 | ||
Acquired finite lived intangible assets weighted average useful life | 10 years 7 months 6 days | ||||
Acquired developed technology | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 5,313 | 4,695 | |||
Acquired finite lived intangible assets weighted average useful life | 3 years 6 months | ||||
Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 20,769 | $ 19,941 | |||
Acquired finite lived intangible assets weighted average useful life | 12 years 4 months 24 days | ||||
Trademarks | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 11 | ||||
Acquired finite lived intangible assets weighted average useful life | 3 months 18 days | ||||
Visible Equity, LLC | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 25,500 | ||||
Visible Equity, LLC | Acquired developed technology | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 3,800 | ||||
Acquired finite lived intangible assets weighted average useful life | 4 years | ||||
Visible Equity, LLC | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 21,600 | ||||
Acquired finite lived intangible assets weighted average useful life | 13 years | ||||
Visible Equity, LLC | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 100 | ||||
Visible Equity, LLC | Trademarks | Maximum | |||||
Business Acquisition [Line Items] | |||||
Acquired finite lived intangible assets weighted average useful life | 1 year | ||||
Fin Suite Pty Ltd | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 2,376 | ||||
Fin Suite Pty Ltd | Acquired developed technology | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 2,244 | ||||
Acquired finite lived intangible assets weighted average useful life | 4 years | ||||
Fin Suite Pty Ltd | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 107 | ||||
Acquired finite lived intangible assets weighted average useful life | 13 years | ||||
Fin Suite Pty Ltd | Trademarks | |||||
Business Acquisition [Line Items] | |||||
Total intangible assets subject to amortization | $ 25 | ||||
Fin Suite Pty Ltd | Trademarks | Maximum | |||||
Business Acquisition [Line Items] | |||||
Acquired finite lived intangible assets weighted average useful life | 1 year |
Business Combinations - Busines
Business Combinations - Business Combinations - Acquisition of Finsuite Pty Ltd Consideration Transferred (Detail) - USD ($) $ in Thousands | Oct. 18, 2019 | Jul. 31, 2020 | Jan. 31, 2020 |
Business Acquisition [Line Items] | |||
Cash consideration to settle debt | $ 5,857 | ||
Contingent consideration - cash payment | $ 200 | $ 200 | |
Fin Suite Pty Ltd | |||
Business Acquisition [Line Items] | |||
Cash consideration to shareholders | $ 3,928 | ||
Cash consideration to settle debt | 137 | ||
Contingent consideration - cash payment | 197 | ||
Total consideration | 11,511 | ||
Voting Common Stock | Fin Suite Pty Ltd | |||
Business Acquisition [Line Items] | |||
Cash consideration to settle debt | 5,857 | ||
Voting common stock issued | $ 1,392 | ||
Equity interest issued or issuable, number of shares (in shares) | 63,967 |
Business Combinations - Schedul
Business Combinations - Schedule Of Statement Of Operations (Detail) - Fin Suite Pty Ltd - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | |
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | |||
Revenues | $ 800 | $ 142,958 | $ 102,244 |
Net loss attributable to nCino, Inc. | $ 300 | $ (27,647) | $ (24,954) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (Years) | 10 years 7 months 6 days | ||
Gross Amount | $ 27,839 | $ 28,013 | |
Accumulated Amortization | (1,746) | (3,377) | |
Net Carrying Amount | $ 26,093 | 24,636 | $ 0 |
Acquired developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (Years) | 3 years 6 months | ||
Gross Amount | $ 6,008 | 6,172 | |
Accumulated Amortization | (695) | (1,477) | |
Net Carrying Amount | $ 5,313 | 4,695 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (Years) | 12 years 4 months 24 days | ||
Gross Amount | $ 21,706 | 21,714 | |
Accumulated Amortization | (937) | (1,773) | |
Net Carrying Amount | $ 20,769 | 19,941 | |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Life (Years) | 3 months 18 days | ||
Gross Amount | $ 125 | 127 | |
Accumulated Amortization | (114) | $ (127) | |
Net Carrying Amount | $ 11 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Intangible assets | $ 0 | |||||
Goodwill | $ 56,527,000 | $ 56,527,000 | $ 55,840,000 | $ 0 | ||
Foreign currency translation gain (loss) | $ 900,000 | $ 0 | $ 700,000 | $ 0 | $ 149,000 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Amortization Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 796 | $ 177 | $ 1,592 | $ 177 | $ 1,748 |
Cost of subscription revenues | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | 378 | 60 | 747 | 60 | 697 |
Sales and marketing | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 418 | 105 | 835 | 105 | 937 |
General and administrative | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 12 | $ 10 | $ 12 | $ 114 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill - Expected Future Amortization Expense (Detail) - USD ($) $ in Thousands | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2021 (remaining) | $ 1,606 | ||
2021 | 3,212 | $ 3,182 | |
2022 | 3,212 | 3,172 | |
2023 | 2,511 | 3,172 | |
2024 | 1,670 | 2,478 | |
2025 | 1,670 | ||
Thereafter | 12,425 | ||
Thereafter | 12,419 | ||
Net Carrying Amount | $ 24,636 | $ 26,093 | $ 0 |
Intangible Assets and Goodwil_6
Intangible Assets and Goodwill - Schedule of Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Balance | $ 55,840 | $ 0 | $ 0 | ||
Acquisitions | 55,989 | ||||
Translation adjustments | $ (900) | $ 0 | (700) | $ 0 | (149) |
Balance | $ 56,527 | $ 56,527 | $ 55,840 |
Reseller Agreement - Additional
Reseller Agreement - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Affiliated Entity | Reseller Agreement | |||||||
Related party costs | $ 8.7 | $ 5.4 | $ 16.2 | $ 10.4 | $ 22.8 | $ 15.4 | $ 9.5 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2019 | Jan. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Jul. 13, 2020 | Sep. 16, 2019 | May 25, 2016 | |
Common stock, shares authorized (in shares) | 500,000,000 | 0 | ||||||||
Common stock shares issued, amount | $ 80,000 | $ 0 | $ 69,305 | |||||||
Exercised vested stock options | 326,030 | 458,770 | 2,845,482 | 695,384 | ||||||
Common stock, number of vote per share | $ 1 | |||||||||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | ||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 1,000,000 | 1,000,000 | |||||||
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | $ 0.001 | |||||||
Private Placement | ||||||||||
Common stock shares issued, amount | $ 79,900 | $ 51,400 | $ 17,800 | |||||||
Common stock shares issued | 3,678,161 | |||||||||
IPO | ||||||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||||||||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | ||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ||||||||
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | ||||||||
Common Stock Voting Shares | ||||||||||
Common stock, shares authorized (in shares) | 99,708,247 | 89,708,247 | ||||||||
Common stock shares issued related to business combinations | 1,502,772 | |||||||||
Common Stock Voting Shares | Private Placement | ||||||||||
Common stock shares issued | 3,448,276 | 3,958,354 | 1,784,700 | |||||||
Nonvoting Common Stock | ||||||||||
Common stock, shares authorized (in shares) | 0 | 10,291,753 | 10,291,753 | 10,291,753 | 10,291,753 | |||||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | $ 0.0005 | |||||||
Nonvoting Common Stock | Private Placement | ||||||||||
Common stock shares issued | 229,885 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock Future Issuance (Detail) - shares | Jul. 31, 2020 | Jan. 31, 2020 | Jun. 26, 2019 | Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Issued and outstanding stock options | 7,464,094 | 7,837,023 | 334,840 | 8,206,926 | 10,291,959 | 6,845,834 |
Possible issuance under stock plans | 15,280,341 | 793,919 | ||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock reserved for future issuance (in shares) | 24,785,528 | 9,579,061 | ||||
Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Issued and outstanding stock options | 7,464,094 | 7,837,023 | ||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Nonvested issued and outstanding restricted stock units ("RSU"s) | 2,041,093 | 948,119 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Jul. 31, 2020USD ($)shares | Jul. 31, 2020USD ($)shares | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($)$ / sharesshares | Jul. 31, 2019USD ($) | Jan. 31, 2020USD ($)$ / sharesshares | Jan. 31, 2019USD ($)$ / sharesshares | Jan. 31, 2018USD ($)$ / sharesshares |
Unrecognized compensation costs period for recognition | 3 years 6 months 7 days | |||||||
Unrecognized compensation costs | $ | $ 30,700,000 | $ 30,700,000 | $ 30,700,000 | |||||
Share-based payment arrangement expense | $ | 13,269,000 | $ 2,492,000 | $ 14,320,000 | $ 3,601,000 | $ 5,745,000 | $ 4,095,000 | $ 3,826,000 | |
Share-based Payment Arrangement | ||||||||
Number of equity plans | 2 | |||||||
Options expire period | 0 | |||||||
Share-based Payment Arrangement | Employees, Non-employee Directors and Consultants | ||||||||
Options expire period | 0 | |||||||
Share-based Payment Arrangement | Maximum | ||||||||
Number of shares authorized (in shares) | 9,000,000 | |||||||
Exercise price of options, percentage of fair market value of common stock | 100.00% | |||||||
Share-based Payment Arrangement | 2014 Equity Incentive Plan | ||||||||
Number of shares authorized (in shares) | 15,025,666 | |||||||
Number of additional shares authorized (in shares) | 6,797,476 | |||||||
Award vesting period | 4 years | |||||||
Share-based Payment Arrangement | 2019 Equity Incentive Plan | ||||||||
Number of shares authorized (in shares) | 1,500,000 | |||||||
Number of additional shares authorized (in shares) | 15,250,000 | |||||||
Percent increase in aggregate shares | 5.00% | |||||||
Share-based Payment Arrangement | 2019 Equity Incentive Plan | Maximum | ||||||||
Number of shares authorized (in shares) | 7,500,000 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Award vesting period | 4 years | 4 years | ||||||
Options expire period | 0 | |||||||
Unrecognized compensation costs | $ | $ 19,600,000 | |||||||
RSUs granted | 1,120,054 | 948,119 | ||||||
Weighted-average grant date fair value | $ / shares | $ 20.07 | $ 21.75 | ||||||
RSUs vested | 17,500 | 0 | ||||||
RSUs forfeited or cancelled | 9,580 | 0 | ||||||
Intrinsic value of unvested restricted stock units | $ | $ 0 | |||||||
Award vesting rights, percentage | 25.00% | |||||||
Share-based payment arrangement expense | $ | $ 12,200,000 | |||||||
Stock Option | ||||||||
Award vesting period | 4 years | |||||||
Unrecognized compensation costs period for recognition | 1 year 6 months 10 days | 4 years | ||||||
Grant date weighted average fair value of options issued, net of forfeitures, | $ / shares | $ 6.74 | $ 5.36 | $ 2.13 | |||||
Stock options granted | 353,900 | |||||||
Unrecognized compensation costs | $ | $ 5,500,000 | $ 5,500,000 | $ 5,500,000 | $ 7,600,000 | ||||
Stock Option | Maximum | ||||||||
Award vesting period | 10 years | |||||||
Stock Option | Minimum | ||||||||
Award vesting period | 4 years | 1 year 7 months 24 days | ||||||
Employee Stock | Employee Stock Purchase Plan | ||||||||
Number of shares authorized (in shares) | 1,800,000 | 1,800,000 | 1,800,000 | |||||
Percent increase in aggregate shares | 1.00% | |||||||
Purchase price of common stock, percent | 85.00% |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Utilized for Stock Options (Detail) | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Expected life (in years from vesting) | 6 years 3 months | ||
Expected volatility | 40.00% | ||
Expected volatility, minimum | 40.00% | 42.00% | |
Expected volatility, maximum | 41.00% | 44.00% | |
Expected dividends | 0.00% | 0.00% | 0.00% |
Risk-free rate, minimum | 1.63% | 2.71% | 2.07% |
Risk-free rate, maximum | 2.59% | 3.06% | 2.27% |
Minimum | |||
Expected life (in years from vesting) | 6 years 1 month 6 days | 6 years 29 days | |
Maximum | |||
Expected life (in years from vesting) | 6 years 3 months | 6 years 3 months |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Recognized Stock-based Compensation Expense related to the Option Grants under the Incentive Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Total stock-based compensation expense | $ 13,269 | $ 2,492 | $ 14,320 | $ 3,601 | $ 5,745 | $ 4,095 | $ 3,826 |
Cost of subscription revenues | |||||||
Total stock-based compensation expense | 1,517 | 1,487 | 1,357 | ||||
Sales and marketing | |||||||
Total stock-based compensation expense | 3,346 | 315 | 3,661 | 607 | 1,260 | 1,078 | 940 |
Research and development | |||||||
Total stock-based compensation expense | 3,031 | 305 | 3,340 | 611 | 1,245 | 1,056 | 1,070 |
General and administrative | |||||||
Total stock-based compensation expense | $ 4,368 | $ 1,501 | $ 4,468 | $ 1,623 | $ 1,723 | $ 474 | $ 459 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Recognized Stock-based Compensation Expense related to the Option Grants under the Incentive Plans (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Jan. 31, 2019 | Jul. 31, 2020 | Jan. 31, 2020 | Jun. 26, 2019 | Jan. 31, 2018 | Jan. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | ||||||
Outstanding stock options | 8,206,926 | 7,464,094 | 7,837,023 | 334,840 | 10,291,959 | 6,845,834 |
Stock-based compensation expense | $ 1.2 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Number of Shares | ||||
Beginning balance | 7,837,023 | 8,206,926 | 10,291,959 | 6,845,834 |
Granted (in shares) | 353,900 | 969,762 | 4,267,151 | |
Expired or forfeited (in shares) | (46,899) | (265,033) | (209,313) | (125,642) |
Exercised (in shares) | (326,030) | (458,770) | (2,845,482) | (695,384) |
Ending balance | 7,464,094 | 7,837,023 | 8,206,926 | 10,291,959 |
Exercisable | 5,542,247 | 4,832,586 | ||
Fully vested or expected to vest | 6,717,685 | 7,053,321 | ||
Weighted Average Exercise Price | ||||
Beginning balance | $ 5.39 | $ 4.74 | $ 3.31 | $ 1.94 |
Granted (in USD per share) | 17.54 | 13.50 | 5.17 | |
Expired or forfeited (in USD per share) | 10.87 | 6.82 | 9.46 | 2.93 |
Exercised (in USD per share) | 2.64 | 2.27 | 2.20 | 1.35 |
Ending balance | 5.48 | 5.39 | $ 4.74 | $ 3.31 |
Exercisable | 4.07 | $ 3.68 | ||
Outstanding, Weighted Average Remaining contractual term (Years) | ||||
Outstanding, Weighted Average Remaining contractual term (Years) | 6 years 6 months 14 days | 7 years 4 months 2 days | 7 years 9 months 7 days | |
Fully vested or expected to vest | $ 5.48 | $ 5.39 | ||
Aggregate Intrinsic Value | ||||
Exercised, Aggregate Intrinsic Value | $ 126,245 | $ 7,639 | $ 2,617 | |
Exercisable, Aggregate Intrinsic Value | 86,099 | |||
Fully vested or expected to vest, Aggregate Intrinsic Value | $ 113,620 | |||
Exercisable, Weighted Average Remaining contractual term (Years) | 5 years 10 months 17 days | |||
Fully vested or expected to vest, Weighted Average Remaining contractual term (Years) | 6 years 6 months 14 days |
Income Taxes - Components of Lo
Income Taxes - Components of Loss Before Income Tax Expense by Domestic and Foreign Jurisdictions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Before Taxes | $ (14,521) | $ (9,635) | $ (5,931) | $ (8,300) | $ (3,283) | $ (7,730) | $ (4,912) | $ (5,279) | $ (4,191) | $ (19,156) | $ (11,583) | $ (27,149) | $ (22,112) | $ (18,539) |
United States | ||||||||||||||
Income Before Taxes | (20,547) | (17,333) | (18,757) | |||||||||||
Foreign | ||||||||||||||
Income Before Taxes | $ (6,602) | $ (4,779) | $ 218 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Federal | $ 0 | $ 0 | $ 0 | |||||||||||
State | 21 | |||||||||||||
Foreign | 410 | 194 | 50 | |||||||||||
Current tax expense | 431 | 194 | 50 | |||||||||||
Federal | 76 | |||||||||||||
State | 56 | |||||||||||||
Foreign | 23 | |||||||||||||
Deferred tax expense | $ 40 | $ 76 | 195 | 0 | 0 | |||||||||
Total tax expense: | $ 203 | $ 90 | $ 158 | $ 202 | $ 136 | $ 75 | $ 14 | $ 45 | $ 60 | $ 400 | $ 338 | 586 | $ 194 | $ 50 |
Previously Reported | ||||||||||||||
Deferred tax expense | $ 155 |
Income Taxes - Differences Betw
Income Taxes - Differences Between Income Taxes Expected at the US Federal Statutory Income Tax Rate and the Reported Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||||||||||||
Income tax benefit at statutory rate of 21% for 2019 and 2020 (2018: 33.8%) | $ (5,701) | $ (4,644) | $ (6,268) | |||||||||||
State income tax benefit, net of federal impact | 141 | (1,331) | (780) | |||||||||||
Changes in valuation allowance | 3,303 | 11,627 | (3,284) | |||||||||||
Impacts of adoption of the new revenue standard | 2,389 | |||||||||||||
Nondeductible expenses | 231 | 175 | 66 | |||||||||||
Foreign rate differential | 108 | 96 | (32) | |||||||||||
Stock-based compensation | 19 | (5,753) | 181 | |||||||||||
Remeasurement of deferred taxes due to Tax Cuts and Jobs Act | 9,958 | |||||||||||||
Other | 96 | 24 | 209 | |||||||||||
Total tax expense: | $ 203 | $ 90 | $ 158 | $ 202 | $ 136 | $ 75 | $ 14 | $ 45 | $ 60 | $ 400 | $ 338 | $ 586 | $ 194 | $ 50 |
Income tax benefit at statutory rate | 21.00% | 21.00% | 33.80% | |||||||||||
State income tax benefit, net of federal impact | (0.50%) | 6.00% | 4.20% | |||||||||||
Changes in valuation allowance | (12.20%) | (52.60%) | 17.70% | |||||||||||
Impacts of adoption of the new revenue standard | (8.80%) | 0.00% | 0.00% | |||||||||||
Nondeductible expenses | (0.80%) | (0.80%) | (0.40%) | |||||||||||
Foreign rate differential | (0.40%) | (0.40%) | 0.20% | |||||||||||
Stock-based compensation | (0.10%) | 26.00% | (1.00%) | |||||||||||
Remeasurement of deferred taxes due to Tax Cuts and Jobs Act | (0.00%) | (0.00%) | (53.70%) | |||||||||||
Other | (0.40%) | (0.10%) | (1.10%) | |||||||||||
Effective income tax rate | (2.20%) | (0.90%) | (0.30%) |
Income Taxes - Differences Be_2
Income Taxes - Differences Between Income Taxes Expected at the US Federal Statutory Income Tax Rate and the Reported Income Tax Expense (Parenthetical) (Detail) | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 21.00% | 21.00% | 33.80% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Company's Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 31, 2020 | Jan. 31, 2019 |
Deferred tax assets: | ||
Net operating losses | $ 35,608 | $ 31,765 |
Equity compensation | 1,655 | 876 |
Reserves and accrueds | 1,156 | 342 |
Deferred rent | 416 | 44 |
Transaction costs | 311 | |
Deferred revenue | 151 | |
Depreciation | 126 | |
Other | 238 | 160 |
Total deferred tax assets | 39,661 | 33,187 |
Less valuation allowance | (36,425) | (33,121) |
Total deferred tax assets, net of valuation allowances | 3,236 | 66 |
Deferred tax liabilities: | ||
Contract acquisition costs | (2,568) | |
Remaining perforamance obligations | (497) | |
Intangibles | (316) | |
Other | (49) | (66) |
Total deferred tax liabilities | (3,430) | (66) |
Net deferred tax liabilities | $ (194) | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance increase/(decrease) | $ 3,300 | $ 11,600 | $ (3,300) |
Valuation allowance | $ 36,425 | $ 33,121 | |
US corporate federal income tax rate | 21.00% | 21.00% | 33.80% |
Cumulative undistributed earnings | $ 2,500 | ||
Federal loss carryforwards | 267,652 | ||
Foreign net operating losses | $ 11,700 |
Income Taxes - Federal Loss Car
Income Taxes - Federal Loss Carryforwards That May be Offset Against Future Taxable Income (Detail) $ in Thousands | Jan. 31, 2020USD ($) |
Deferred tax assets, operating loss carryforwards, not subject to expiration | $ 76,710 |
operating loss carryforwards | 267,652 |
2032 and before | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 40,606 |
2033 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 7,098 |
2034 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 18,355 |
2035 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 20,379 |
2036 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 9,995 |
2037 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 51,551 |
2038 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 25,766 |
2039 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | 13,900 |
2040 | |
Deferred tax assets, operating loss carryforwards, subject to expiration | $ 3,291 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Employer contributions | $ 0.9 | $ 0.1 | $ 0 |
Commitment and Contingencies -
Commitment and Contingencies - Future Minimum Rental Payments for Operating Leases (Detail) $ in Thousands | Jan. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 6,068 |
2022 | 4,523 |
2023 | 3,815 |
2024 | 3,245 |
2025 | 1,276 |
Thereafter | 3,798 |
Total | $ 22,725 |
Commitment and Contingencies (D
Commitment and Contingencies (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Lease expense | $ 2.7 | $ 2.1 | $ 5.4 | $ 3.9 | $ 8.7 | $ 5.8 | $ 3.4 |
Income tax estimable, including penalties and interest | $ 0.2 | $ 0.9 |
Related-Party Transactions (Det
Related-Party Transactions (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020USD ($)equityHolder | Jul. 31, 2019USD ($) | Jul. 31, 2020USD ($)equityHolder | Jul. 31, 2019USD ($) | Jan. 31, 2020USD ($)equityHolder | Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||||||
Related party, non-cancellable agreement, term (in years) | 3 years | 3 years | |||||
Related party, non-cancellable agreement, renewal term (in years) | 2 years | 2 years | |||||
Deferred revenue, current portion | $ 84,288 | $ 84,288 | $ 50,929 | $ 34,172 | |||
Accounts receivable, related parties | 0 | $ 0 | $ 9,200 | ||||
Fund Spending Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Related party transaction, term of agreement (in years) | 3 years | 3 years | |||||
Remaining obligation, expected fulfillment period | 1 year | 1 year | |||||
Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Deferred revenue, current portion | $ 0 | $ 0 | $ 8,013 | ||||
Affiliated Entity | Fund Spending Agreement | |||||||
Related Party Transaction [Line Items] | |||||||
Number of affiliated entities | equityHolder | 1 | 1 | 1 | ||||
Related party agreement, length of agreement (in years) | 3 years | 3 years | |||||
Total amount spent for agreement | $ 0 | $ 0 | $ 0 | $ 20 | $ 60 | 1,700 | $ 300 |
Remaining obligation, amount | 200 | 200 | 200 | ||||
Affiliated Entity | Agreement For Purchase Of Service | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 300 | 300 | $ 600 | 500 | $ 1,100 | 800 | 500 |
Affiliated Entity | Transactions With Certain Equity Holders | |||||||
Related Party Transaction [Line Items] | |||||||
Number of affiliated entities | equityHolder | 3 | 3 | 3 | ||||
Revenue from related parties | $ 0 | 2,100 | $ 2,800 | 4,300 | $ 8,400 | 9,900 | 8,100 |
Deferred revenue, current portion | $ 0 | $ 0 | $ 8,000 | 6,900 | |||
Affiliated Entity | Banking Relationship | |||||||
Related Party Transaction [Line Items] | |||||||
Number of affiliated entities | equityHolder | 1 | 1 | 1 | ||||
Interest income, related party | $ 0 | $ 200 | $ 100 | $ 400 | $ 700 | 900 | $ 200 |
Prepaid Expenses and Other Current Assets | Affiliated Entity | Agreement For Purchase Of Service | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Expenses from Transactions with Related Party | 500 | 1,100 | 700 | ||||
Accounts Payable | Affiliated Entity | Agreement For Purchase Of Service | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related parties, current | $ 4,000 | $ 4,000 | $ 3,300 | $ 2,100 |
Basic and Diluted Loss per Sh_3
Basic and Diluted Loss per Share - Components of Basic and Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Basic loss per share: | ||||||||||
Net loss attributable to nCino, Inc. | $ (14,646) | $ (9,644) | $ (6,029) | $ (8,502) | $ (3,419) | $ (19,415) | $ (11,921) | $ (27,594) | $ (22,306) | $ (18,589) |
Denominator | ||||||||||
Weighted average-common shares outstanding basic (in shares) | 84,629,777 | 76,420,098 | 83,112,132 | 76,206,900 | 78,316,794 | 74,593,709 | 68,290,570 | |||
Basic loss per share attributable to nCino, Inc. (in USD per share) | $ (0.17) | $ (0.11) | $ (0.23) | $ (0.16) | $ (0.35) | $ (0.30) | $ (0.27) | |||
Dilutive loss per share: | ||||||||||
Net loss attributable to nCino, Inc. | $ (14,646) | $ (9,644) | $ (6,029) | $ (8,502) | $ (3,419) | $ (19,415) | $ (11,921) | $ (27,594) | $ (22,306) | $ (18,589) |
Denominator | ||||||||||
Weighted average-common shares outstanding diluted (in shares) | 84,629,777 | 76,420,098 | 83,112,132 | 76,206,900 | 78,316,794 | 74,593,709 | 68,290,570 | |||
Diluted loss per share attributable to nCino, Inc. (in USD per share) | $ (0.17) | $ (0.11) | $ (0.23) | $ (0.16) | $ (0.35) | $ (0.30) | $ (0.27) |
Basic and Diluted Loss per Sh_4
Basic and Diluted Loss per Share - Weighted Average Number of Shares Excluded From Computation of EPS (Detail) - shares | 6 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Stock Option | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 7,464,094 | 8,008,329 | 7,837,023 | 8,206,926 | 10,291,959 |
Restricted Stock Units (RSUs) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share amount (in shares) | 2,041,093 | 0 | 948,119 |
Schedule of Quarterly Financial
Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Revenues | $ 48,765 | $ 38,504 | $ 37,862 | $ 31,978 | $ 29,836 | $ 26,177 | $ 23,663 | $ 22,630 | $ 19,064 | $ 93,477 | $ 61,814 | $ 138,180 | $ 91,534 | $ 58,142 | ||||
Cost of revenues | 22,587 | 18,373 | 16,889 | 14,770 | 14,038 | 13,074 | 12,210 | 11,048 | 10,119 | 41,453 | 28,808 | 64,070 | 46,451 | 30,471 | ||||
Gross profit | 26,178 | 20,131 | 20,973 | 17,208 | 15,798 | 13,103 | 11,453 | 11,582 | 8,945 | 52,024 | 33,006 | 74,110 | 45,083 | 27,671 | ||||
Operating expenses: | ||||||||||||||||||
Sales and marketing | 15,626 | [1] | 13,370 | 12,602 | 10,453 | [1] | 8,015 | 9,692 | 7,844 | 7,909 | 5,833 | 27,852 | [1] | 18,468 | [1] | 44,440 | 31,278 | 20,954 |
Research and development | 15,292 | [1] | 10,132 | 9,534 | 8,272 | [1] | 7,366 | 6,871 | 5,823 | 4,941 | 4,595 | 26,257 | [1] | 15,638 | [1] | 35,304 | 22,230 | 16,559 |
General and administrative | 10,953 | [1] | 6,640 | 5,557 | 6,430 | [1] | 3,909 | 4,846 | 2,806 | 4,217 | 2,922 | 17,879 | [1] | 10,339 | [1] | 22,536 | 14,791 | 8,933 |
Total operating expenses | 41,871 | 30,142 | 27,693 | 25,155 | 19,290 | 21,409 | 16,473 | 17,067 | 13,350 | 71,988 | 44,445 | 102,280 | 68,299 | 46,446 | ||||
Loss from operations | (15,693) | (10,011) | (6,720) | (7,947) | (3,492) | (8,306) | (5,020) | (5,485) | (4,405) | (19,964) | (11,439) | (28,170) | (23,216) | (18,775) | ||||
Total other income (expense), net | 376 | 789 | (353) | 209 | 576 | 108 | 206 | 214 | 1,021 | 1,104 | ||||||||
Loss before income tax expense | (14,521) | (9,635) | (5,931) | (8,300) | (3,283) | (7,730) | (4,912) | (5,279) | (4,191) | (19,156) | (11,583) | (27,149) | (22,112) | (18,539) | ||||
Income tax expense | 203 | 90 | 158 | 202 | 136 | 75 | 14 | 45 | 60 | 400 | 338 | 586 | 194 | 50 | ||||
Net loss | (14,724) | (9,725) | (6,089) | (8,502) | (3,419) | $ (7,805) | $ (4,926) | $ (5,324) | $ (4,251) | (19,556) | (11,921) | (27,735) | (22,306) | (18,589) | ||||
Net loss attributable to non-controlling interest | (232) | (81) | (60) | 0 | (408) | 0 | (141) | 0 | 0 | |||||||||
Net loss attributable to nCino, Inc. | $ (14,646) | $ (9,644) | $ (6,029) | $ (8,502) | $ (3,419) | $ (19,415) | $ (11,921) | $ (27,594) | $ (22,306) | $ (18,589) | ||||||||
Basic and diluted net loss per share attributable to nCino, Inc. | $ (0.17) | $ (0.12) | $ (0.08) | $ (0.11) | $ (0.05) | $ (0.11) | $ (0.07) | $ (0.07) | $ (0.06) | $ (0.23) | $ (0.16) | $ (0.35) | $ (0.30) | $ (0.27) | ||||
[1] | Includes stock-based compensation expense as follows |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jul. 13, 2020 | Jul. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 |
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | ||
Common stock, shares authorized (in shares) | 500,000,000 | 0 | ||
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 1,000,000 | 1,000,000 | |
IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock, par value (in USD per share) | $ 0.0005 | $ 0.0005 | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||
Preferred stock, par value (in USD per share) | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ||
Initial public offering (in shares) | 9,269,000 | |||
Initial public offering price (in USD per share) | $ 31 | |||
Consideration received from IPO | $ 268,400 |
Stock-Based Compensation - RSUs
Stock-Based Compensation - RSUs Activity (Detail) - Restricted Stock Units (RSUs) - $ / shares | 6 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jan. 31, 2018 | |
Number of Shares | ||
Nonvested, January 31, 2020 (in shares) | 948,119 | |
Granted (in shares) | 1,120,054 | 948,119 |
Vested (in shares) | (17,500) | 0 |
Forfeited (in shares) | (9,580) | 0 |
Nonvested, July 31, 2020 (in shares) | 2,041,093 | |
Weighted Average Grant Date Fair Value | ||
Nonvested, January 31, 2020 (in USD per share) | $ 21.75 | |
Granted (in USD per share) | 20.07 | $ 21.75 |
Vested (in USD per share) | 20 | |
Forfeited (in USD per share) | 21.53 | |
Nonvested, July 31, 2020 (in USD per share) | $ 20.84 |