nCino’s Revenue by Segment (2020-2022)

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This statistic highlights nCino’s Revenue by Segment, split between professional services and subscription revenue, reported on a quarterly basis from Q2 2020 onwards.
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This statistic highlights nCino’s Revenue by Segment, split between professional services and subscription revenue, reported on a quarterly basis from Q2 2020 onwards.

nCino’s Revenue by Segment

nCino’s revenue increased from $62.35 million in Q1 2022 to $66.51 million in Q2 2022, marking a year-on-year growth of 36.40% when compared to Q2 2021.

nCino’s revenue can be further bifurcated into the following segments:

Segment Q2 2021  Q1 2022  Q2 2022   Contribution in Q2 2022
Professional services $9.41 $11.32 $12.58 18.91%
Subscription revenue $39.35 $51.03 $53.93 81.09%
Total $48.76 $62.35 $66.51 100.00%

(All figures in millions, except percentages)

Professional Services

nCino provides professional services such as configuration and installation, training, and advisory services to help their customers go live with their solution and achieve success. Professional services are often delivered to SIs such as Accenture, Deloitte, PwC, and West Monroe Partners for larger financial institutions, while nCino has historically done professional services for smaller financial institutions too. Larger financial institutions are expected to account for a larger share of sales, and smaller banks and credit unions will increasingly outsource professional services to SIs in the future, according to the business.

The revenue generated from this segment has been increasing constantly. The revenue grew almost 34% on a year-on-year basis, from Q2 2021 where the revenue generated was $9.41 million to Q2 2022 where the revenue generated is $12.58 million. When compared to Q1 2022 where the revenue generated was $11.32 million, the increase in revenue was 11.13% on a quarterly basis. However, the contribution to revenue mix from this segment fell from 19.30% in Q2 2021 to 18.92% in Q2 2022. The contribution to the revenue mix also increased from 18.15% in Q1 2022 to 18.91% in Q2 2022.

Subscription Revenue

Customers of nCino can acquire client on-boarding, loan origination, and/or deposit account opening solutions for a single line of business or area at first. The organization plans to install more applications and expand within and across additional lines of business or geographies once this initial solution is in place. Subscription revenues are normally recognized ratably over the course of customer contracts, which typically last three to five years. The recognition of deferred revenue linked to subscriptions activated in prior quarters accounts for the majority of the subscription revenues reported each quarter. As a result, a decrease in active subscriptions in a single quarter may have only a little impact on subscription income in that quarter. However, such a drop will have a detrimental impact on subscription revenue in the coming quarters. As a result, major drops in sales or market acceptance of the company’s solution may not be reflected in the company’s financial performance until later periods.

The revenue generated from this segment has been increasing constantly. The revenue grew almost 37% on a year-on-year basis, from Q2 2021 where the revenue generated was $39.35 million to Q2 2022 where the revenue generated is $53.93 million. On a quarterly basis, the increase in revenue was 5.68%, as compared to $51.03 million in Q1 2022.  However, the contribution to the revenue mix fell from 81.84% in Q1 2022 to 81.09% in Q2 2022.T he contribution to revenue mix from this segment increased slightly from 80.70% in Q2 2021 to 81.08% in Q2 2022.

About nCino

nCino is a major global provider of financial institution cloud-based software. nCino provides the technology that enables banks and credit unions to satisfy ever-changing client expectations and regulatory requirements, gain greater visibility into their operations and performance, replace legacy systems, and operate digitally and more competitively. The nCino Bank Operating System, the company’s solution, digitizes, automates, and streamlines inefficient and complex processes and workflows, leveraging data analytics, artificial intelligence, and machine learning to help financial institutions better onboard new clients, make loans, and manage the entire loan life cycle, open deposit, and other accounts, and manage regulatory compliance. Global financial institutions, enterprise banks, regional banks, community banks, credit unions, and new market entrants, such as challenger banks, are among the company’s customers of all sizes and complexities. Customers deploy and use the digital platform for mission-critical functions across their companies, which can be accessed anytime, anywhere, and from any internet-enabled device. The stock of the company is listed on the NASDAQ under the ticker NCNO.

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