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Beyond Firewalls: Governance And TechIt may be the most expensive project in Victoria's history, but the state government still hasn't secured a third of its funding despite signing contracts worth more than $5 billion to build the Suburban Rail Loop. The project — an ambitious plan to build an orbital train link through Melbourne's middle suburbs — is one that will define Premier Jacinta Allan. In the face of political opposition and concern over the eye-watering price — the first stage alone will cost $34 billion — the premier has staked her leadership on the SRL. Labor has taken the project to two elections and were returned with increased margins. It picked up and held seats along the route between Cheltenham and Box Hill as well. But there's disquiet among some ministers and in caucus that the state is spending so much money on a project in Melbourne's east. Frustration is loudest among MPs representing Melbourne's north and west, seats that have been considered Labor heartland for generations. The opposition, at both a state and federal level, have raised concerns about the project's finances, but Victorian Coalition leader John Pesutto says he will not rip up the contracts should he win in 2026. So, while there's a lot of noise about the suburban rail loop, what do experts say? The ABC spoke to a group of economists, planners and users to see what they make of the biggest infrastructure project in Victoria's history. Some experts back 'visionary' rail project The opinions were varied. It's taken awhile to surface but several transport experts back the SRL because of its transformational ambition. They say a key aspect is that SRL prepares for the future rather than being built to catch up to demand. Dr Chris Hale, a transport and infrastructure expert, believes plenty of people will catch the service, with up to 40,000 people a day using some of the new stations at Box Hill and Monash University. "The figures look pretty strong for a public investment case,'' he said. "It's also an opportunity for us to reconceptualise our rail network, to make it less of a radial style network, and I think there are really significant prospects for growing that eastern suburbs corridor into a major economic heartland for greater Melbourne." Others to support the plan include RMIT's David Hayward and Monash University's Graham Currie. Dr Hayward, a public policy expert, says the "visionary" value of the SRL was from the housing growth it would stimulate around new stations. "The bit that I really like about it's not so much what's happening below ground. It's all of the housing and retail and other development above ground. It's going to remake a big chunk of Melbourne, because we're growing so rapidly,'' Dr Hayward said. The government's rhetoric supporting the project focuses on Melbourne growing to the population size of London, 8 million people, by 2051. A debate about how big Melbourne and Victoria should be is likely to only get hotter as federal and state elections approach, so expect to hear plenty of questions from the opposition about Melbourne's "livability" in coming months and years. Transport expert Dr Graham Currie says Melbourne needs to restructure how it operates to deal with population growth. "We are going to need the project, and the sooner we get started on it, the sooner the project will come to create the benefits that we need," he said. "I asked the people that are against it to look at alternatives that could create the significant changes which the SRL would do." Other experts accuse SRL of sponging up cash from other projects Not all transport and planning experts are supportive of the concept. Marion Terrill is scathing of the project because it focuses on an older technology in heavy rail and will suck up all the budget for more pressing projects. "Victoria is the most indebted of all the states, so we don't have a feasible plan to pay for it,'' Ms Terrill said. "So, it's going to crowd out things like Geelong Fast Rail, Melbourne Airport rail, because the government simply can't afford them all." Stage 1 will be funded a third from direct state investment — it's already signed contracts worth $7.5 billion. Another third will be raised through "value capture" — read taxes and levies — from new developments around stations and a third from the federal government. But the federal government is yet to commit to the request. Before the last election, Labor promised $2.2 billion but that is yet to flow, and the remaining request is subject to assessment by Infrastructure Australia. That process has been hindered by accusations Victoria isn't handing over all the information. "I don't think it's a good idea. I think if it was a good idea, the government would have told us why it was, and it hasn't really done that, and it would have told Infrastructure Australia why it's good idea,'' Ms Terrill said. Federal funding for the project looms as major issue at next year's election, with Peter Dutton's opposition cool on the Suburban Rail Loop. There's also concern among federal Labor MPs that the money could be better spent elsewhere, including on the perennially delayed Airport Rail Link. Economist Saul Eslake is also wary of the eye-watering price tag of the project, and the use of debt to fund its construction. "It's far from clear that the Suburban Rail Loop will generate sufficient revenue to cover the interest on that debt, the operating expenses and the repayments over future years of that debt,'' he said. "The railway to the airport might have done more for promoting the future growth of Melbourne and different types of industries of the future than the first stage of the Suburban Rail Loop." He's also worried that the SRL investment will mean the state spends less on core business like schools, hospitals and policing. Public transport association balances pros and cons of SRL But what about those that use public transport to get around? The Public Transport Users Association are supportive of adding more options to the network and ending the so called hub-and-spoke layout but are wary of lost opportunities elsewhere. "Fundamentally it's a good idea for the future of Melbourne,'' PTUA spokesman Daniel Bowen said. "Clearly the government has got to keep a lid on the cost, and make sure that other high priority investments be that in public transport or other fields. "We have unreliable and infrequent bus services right across Melbourne, we have problems with the trams, problems with the trains." The government is not backing down, and contracts are signed. More practical opponents of the project want the SRL to be delayed for a few years to let the cost be spread out over more years. The project is also sucking up thousands of workers during a housing crisis, as well as increasing pressure on materials. "It'll free up some of the resources to be redeployed elsewhere, where it's needed right now. It would be the sensible thing to do. I wish they had done it a couple of budgets ago, quite frankly," Dr Hayward said. But that train has already left the station.
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Mariah Carey's reign as the "Queen of Christmas" continues. The Grammy-award-winning singer's holiday ballad, "All I Want For Christmas Is You," is now the first to have topped Billboard's Hot 100 list for six years in a row. It's the first song to top the Hot 100 in six distinct runs on the chart, according to Billboard . Only one other song, "The Twist" by Chubby Checker, has even led two stays on the chart. Carey has now placed at the top of the Hot 100 for a record-extending 20 years thanks to her holiday song, which was first released in 1994. RELATED STORY | Barbie released a new Mariah Carey doll for the holidays She also holds the record for number of weeks an artist has sat at the top of the Hot 100 chart with 94. Behind her is Rihanna with 60 and The Beatles with 59. In just the first week of December this year, “All I Want For Christmas Is You" drew 38.2 million streams and 24.4 million radio airplay audience impressions, according to data from Luminate. Carey has leaned into her reign as a Christmas queen since her song started to chart again, even attempting to file a trademark for "Queen of Christmas" but was ultimately denied. Each year, as the holiday season starts to peak over the horizon, she releases special videos on her social media saying, "It's time."BRIDGEWATER, NEW JERSEY / ACCESSWIRE / December 6, 2024 / Tharimmune, Inc. (Nasdaq:THAR) ("Tharimmune" or the "Company"), a clinical-stage biotechnology company committed to pioneering therapies in immunology and inflammation, today announced it has entered into a securities purchase agreement to raise gross proceeds of approximately $2.02 million through a private placement. The agreement includes the issuance of 961,446 shares of common stock (or common stock equivalents) and warrants to purchase up to an additional 480,723 shares of common stock. Each share (or common stock equivalent) is priced at $2.10 and is accompanied by a warrant. The warrants will have an exercise price of $2.031 per share, becoming exercisable six months after issuance and expiring five and one-half years from the date of issuance. The closing of this transaction is expected on or about December 9, 2024, subject to customary closing conditions.
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Courtney Frazer | (TNS) Bankrate.com Exchanging currency is vital to international travel, whether you’re visiting for leisure or business. Understanding the nuances of currency exchange can help you avoid costly mistakes and make the most of your travel budget. Before you exchange money, you should know how to choose the right place to exchange your money, time your transactions for the best rates and estimate the money exchange fee. Currency exchange involves converting one country’s money into another’s. Because currencies have different values from country to country, exchange rates fluctuate based on factors like political stability, economic performance and global market conditions. Without proper knowledge of currency exchange, travelers risk losing money on unfavorable exchange rates, excessive fees and even fraudulent practices. It’s important to know how currency exchange works and where to do money exchanges so you can get the best deal. Exchanging money abroad often comes with various fees, so it’s important to understand what you might encounter. Flat fees Some exchange providers charge a flat fee per transaction. These can make smaller exchanges expensive relative to the amount you’re converting. Always ask about any flat fees in advance, and consider exchanging larger sums to minimize the impact of this fee. Percentage fees Many currency exchange providers charge a percentage-based fee on the total amount exchanged. This fee structure can become costly if you’re exchanging large amounts of money, so compare percentage-based fees before making any decisions. ATM withdrawal fees If you’re withdrawing money from an ATM abroad, your home bank and the foreign bank may charge withdrawal fees. Some banks refund these fees, while others may partner with international banks to provide fee-free withdrawals. Before traveling, check with your bank to understand what ATM fees you might face and whether they offer any reimbursement options. Foreign transaction fees Foreign transaction fees are often charged when using credit or debit cards abroad. Depending on the card issuer and payment network, these fees can range from 1% to 3% of the transaction amount. Many travel-focused credit cards offer no foreign transaction fees, which can help you save money when making purchases abroad. Check your card’s terms and conditions before you travel to avoid surprises. If your card charges foreign transaction fees, consider limiting its use and opting for other methods, like cash or prepaid travel cards. Not all currency exchange options are equal, especially for travelers. Some places offer better rates and lower money exchange fees, while others provide more convenience. Here’s a breakdown of the most common currency exchange options. Banks and credit unions Banks and credit unions are generally the best money exchange options, offering competitive exchange rates and transparent fees. Many banks provide foreign currency services for their account holders, and some even offer currency at a better rate when you order it in advance. If you have a major bank account, the bank may offer international ATM withdrawals with little to no fees. Banks tend to have the most secure exchange process, so you can avoid the high fees and markups that are common at airport exchange booths. Currency exchange kiosks Currency exchange kiosks, often found at airports and tourist destinations, are convenient but have significant drawbacks. They frequently offer lower exchange rates and higher fees, taking advantage of travelers who need quick cash. If you need to use a currency exchange bureau, only exchange a small amount to cover immediate needs and seek out better rates at a local bank or through an ATM once you reach your destination. Always check the exchange rate and fees before completing any transaction at these kiosks to avoid unnecessary charges. ATMs abroad Using ATMs to withdraw local currency in your destination country is one of the most convenient ways to get cash while traveling. Many banks are part of global ATM networks, allowing you to withdraw money with minimal fees if you use ATMs associated with their partner banks. However, it’s important to check with your bank ahead of time to understand what fees may apply to international withdrawals. When using ATMs abroad, stick to machines from reputable banks and avoid independent ATMs found in tourist-heavy areas or small shops. These often have higher fees and less favorable exchange rates. It’s also a good idea to notify your bank of your travel plans to avoid having your card frozen for suspicious activity. Prepaid travel cards Prepaid travel cards offer an excellent solution for travelers who want to manage currency exchange with ease. These cards allow you to load multiple currencies before you travel and lock in exchange rates to avoid rate fluctuations while abroad. Prepaid travel cards can be used like regular debit or credit cards but with the added benefit of lower foreign transaction fees. They also help limit spending, as you can only use the funds preloaded onto the card. However, be aware of hidden fees such as inactivity, ATM withdrawal or reloading fees. When exchanging currency for travel, it’s easy to fall into traps that result in unnecessary expenses. Here are some common mistakes travelers make and how to avoid them. 1. Exchanging money at airports and hotels While airports and hotels may be convenient places to exchange money, they often have the worst exchange rates and highest fees. Airport kiosks, in particular, are notorious for inflating rates, sometimes marking them up by as much as 10% compared to what you’d find at a local bank or ATM. To avoid these high costs, exchange a small amount of money before your trip to cover immediate expenses like transportation. Once you arrive at your destination, use ATMs or banks for more favorable rates. 2. Using dynamic currency conversion Dynamic currency conversion (DCC) allows you to pay in your home currency when using a credit or debit card abroad. While this may seem convenient, it usually comes with a much worse exchange rate and additional hidden fees. Whenever possible, always opt to pay in the local currency of your destination to avoid unfavorable rates. DCC also gives merchants more control over the exchange rate, meaning they could use a rate that benefits them more than you. When paying with a card abroad, always make sure you’re being charged in the local currency to get the most accurate rate. 3. Timing your exchange poorly Exchange rates fluctuate daily based on global market conditions. If you know you’ll need to exchange a large sum of money, it pays to keep an eye on exchange rates before your trip. Use tools to track exchange rates and exchange your money when the rate is in your favor. For travelers planning ahead, some banks and online services allow you to lock in exchange rates before traveling, helping you avoid losses due to unfavorable fluctuations during your trip. When traveling abroad, currency exchange fees can quickly eat into your budget. You can use certain strategies to help you save, avoid common fees and make the most of your money while exploring new destinations. 1. Plan ahead for international trips Before heading overseas, research your destination’s currency and exchange rate options. Many banks allow you to order foreign currency ahead of time, saving you from the poor exchange rates and high fees at airports or in tourist-heavy areas. If your bank offers international ATM withdrawal with low fees, consider using this option to access local currency while traveling. Financial institutions sometimes offer special travel accounts or debit cards with reduced fees for foreign transactions. Check with your bank to see if they offer international-friendly options that can help you save money while abroad. 2. Credit cards with no foreign transaction fees Credit cards that offer no foreign transaction fees can be a great asset when traveling internationally. These cards often offer competitive exchange rates, and some even provide travel rewards or cash back on purchases made abroad. Using a credit card for most of your international purchases can help protect you from currency exchange fees and fraud. 3. Limit currency exchange at high-fee locations Related Articles Travel | California’s sunny Huntington Beach makes a great weekend getaway Travel | Top travel destinations for 2025 include a real-life Land of the Lotus Eaters Travel | GM to take $5 billion in charges for changes to China business Travel | New York state highlights can’t-miss holiday sites and attractions Travel | Holiday travel: Tahoe’s Truckee is a magical, cozy winter destination When traveling, try to avoid exchanging currency at locations that charge high fees, like airports, hotels or currency exchange kiosks. These places often inflate exchange rates and charge large commissions, reducing the value of your money. Instead, stick to local banks or ATMs for better rates and lower fees. If you have to exchange currency at one of these places, try to exchange only what you need immediately and find a better location later. Currency exchange is an essential part of international travel, and getting it right can save you a lot of money. By planning ahead, avoiding high-fee locations and choosing the right method for exchanging money, you can stretch your travel budget further and minimize unnecessary costs. When traveling internationally, avoid airport kiosks and hotel exchange desks, opt for ATMs and reputable banks and consider using prepaid travel cards or credit cards with no foreign transaction fees to simplify your currency management. With a little preparation, you’ll be able to get the most out of your money while exploring the world. (Visit Bankrate online at bankrate.com.). ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.(BPT) - The holidays are almost here! It means parties and events, hustle and bustle ... and figuring out what to buy for everyone on your list. Sometimes it's hard to get inspired with great ideas that your nears and dears will love at a price you can afford, right? The good news? Inspiration + savings are covered this year. One of the top gifts of Holiday 2024 is technology, and there are a lot of deals out there right now. Done and done! Here are 5 ideas for hot tech gifts for everyone on your list. Smartphones for the family T-Mobile is running a hot deal right now. Get four new smartphones at T-Mobile — this includes Samsung Galaxy S24 and other eligible devices — and four lines for just $100/month . It doesn't get better than that! These new Galaxy phones are tech-tastic, too, with features like AI, Circle to Search with Google, which can be used to help solve math problems and translate entire pages of text in a different language, and Note Assist with Galaxy AI, which lets you focus on capturing your notes and then Note Assist will summarize, format and even translate them for you. High tech spiral notebook for students We've got to admit, this is pretty cool. The Rocketbook looks (a bit) like a regular spiral, paper notebook. Here's the high tech twist: You can take notes, capture ideas, brainstorm, draw — whatever you do on paper — on the pad, and the Rocketbook digitizes your doodles and saves to the cloud device of your choice. Then you simply wipe the pad clean and it's good to go. Look for Black Friday and Cyber Monday sales at your favorite online retailer. Wrist-worthy smartwatches for athletes (or those who want to be) Everyone loves smartwatches (if you're not already tracking your sleep and heart rate, where have you been?) and the Google Pixel Watch 3 (41mm & 45mm) takes it to the next level with features for athletes or anyone who may be setting fitness goals for the coming year. The watch has workout prompts like Real Time Guidance — audio and haptic cues for when to sprint, cool down or maintain pace. It gives you the ability to program your workouts and even monitors your cadence and stride. It also has Offline Maps, with driving navigation, search and maps. Here's the deal of the century: Get it for free at T-Mobile when adding a qualifying watch line. Cute wireless keyboard for people who are all thumbs Who else is annoyed by typing email or texts or social posts on a smartphone? The Logitech Multi-Device Wireless Bluetooth Keyboard solves that problem with style! It comes in sweet colors like lavender, it's wireless, it's small and portable, and it works with just about any device. Pop it into your backpack or purse and you'll never have to thumb-out a message again. Speakers perfect for hosting and giving Have a music lover in your life or need the perfect hosting gift? T-Mobile has you covered. For a limited time, you can get the JBL Clip 5 for free when you pick up a Harman Kardon Onyx Studio 9 . The JBL Clip 5 is an ultra-portable Bluetooth speaker perfect for those on the go and the Onyx Studio 9's sleek design and booming sound will take care of all your holiday hosting needs. For more tech-tastic holiday gift inspiration, check out T-Mobile's holiday gift guide at t-mobile.com/devices/tech-gifts .
• Total Revenues of $138.8M , up 14% year-over-year • Subscription Revenues of $119.9M , up 14% year-over-year • GAAP Operating Margin of (1)% , up ~1,000 basis points year-over-year • Non-GAAP Operating Margin of 20% , up ~350 basis points year-over-year WILMINGTON, N.C., Dec. 04, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. NCNO , the leading provider of intelligent, best-in-class banking solutions, today announced financial results for the third quarter of fiscal year 2025, ended October 31, 2024. "We are very pleased with our third quarter results, once again exceeding expectations for both revenues and non-GAAP operating income," said Pierre Naudé, Chairman and CEO at nCino. "The team delivered solid execution globally, with over 30 multi-solution deals and more gross bookings from net new customers than the previous two quarters combined. Multi-solution deals continue to show the demand for a true end-to-end platform for financial institutions to onboard customers, open accounts, originate loans and manage the portfolio across multiple business lines. We remain focused on innovation and delivering efficiencies that create real business value, and we're excited by the strength and expansion we saw in our business this quarter as a result of that reputation." Financial Highlights Revenues: Total revenues for the third quarter of fiscal 2025 were $138.8 million, a 14% increase from $121.9 million in the third quarter of fiscal 2024. Subscription revenues for the third quarter were $119.9 million, up from $104.8 million one year ago, an increase of 14%. Income (Loss) from Operations: GAAP loss from operations in the third quarter of fiscal 2025 was $(0.8) million compared to $(12.9) million in the same quarter of fiscal 2024. Non-GAAP operating income in the third quarter of fiscal 2025 was $28.0 million compared to $20.4 million in the third quarter of fiscal 2024, an increase of 38%. Net Income (Loss) Attributable to nCino: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(5.3) million compared to $(16.4) million in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter of fiscal 2025 was $24.4 million compared to $16.2 million in the third quarter of fiscal 2024, an increase of 51%. Net Income (Loss) Attributable to nCino per Share: GAAP net loss attributable to nCino in the third quarter of fiscal 2025 was $(0.05) per basic and diluted share compared to $(0.15) per basic and diluted share in the third quarter of fiscal 2024. Non-GAAP net income attributable to nCino in the third quarter was $0.21 per diluted share compared to $0.14 per diluted share in the third quarter of fiscal 2024. Remaining Performance Obligation: Total Remaining Performance Obligation (RPO) as of October 31, 2024, was $1.095 billion, compared with $917.1 million as of October 31, 2023, an increase of 19%. RPO expected to be recognized in the next 24 months was $730.0 million, an increase of 16% from $627.6 million as of October 31, 2023. Cash: Cash, cash equivalents, and restricted cash were $258.3 million as of October 31, 2024, which reflected refinancing the revolving credit facility and included $129.7 million that was subsequently utilized to acquire FullCircl on November 5, 2024. Recent Business Highlights Completed acquisition of FullCircl: Closed the acquisition of FullCircl on November 5, 2024, expanding nCino's onboarding capabilities by adding data aggregation components to the platform for financial institutions in EMEA. Signed a multi-solution expansion agreement with a top-40 bank in the U.S.: Shortly after quarter end, expanded relationship with a top-40 bank in the U.S. for Commercial and Small Business Lending, Commercial Pricing & Profitability, Automated Spreading and Banking Advisor. Signed first Banking Advisor deal in Australia: Extended relationship with a top-5 Australian bank for three years with the addition of Banking Advisor. Signed largest customer in Japan: Tokushima Taisho Bank selected nCino to transform its business lending operations, making the bank nCino's largest customer in Japan. Signed an expansion agreement with the largest bank in Norway: The bank expanded its adoption of nCino Commercial Lending, including Banking Advisor, and will also be running Credit Portfolio Management and ESG reporting on nCino. One of the largest home builders in the U.S. went live on the nCino Mortgage Solution: The affiliate mortgage company of a large, national home builder completed its rollout of the nCino Mortgage Solution. Financial Outlook nCino is providing guidance for its fourth quarter ending January 31, 2025 , as follows: Total revenues between $139.5 million and $141.5 million. Subscription revenues between $122.5 million and $124.5 million. Non-GAAP operating income between $23.25 million and $24.25 million. Non-GAAP net income attributable to nCino per diluted share of $0.18 to $0.19. nCino is providing guidance for its fiscal year 2025 ending January 31, 2025 , as follows: Total revenues between $539.0 million and $541.0 million. Subscription revenues between $467.0 million and $469.0 million. Non-GAAP operating income between $95.0 million and $96.0 million. Non-GAAP net income attributable to nCino per diluted share of $0.75 to $0.76. Conference Call nCino will host a conference call at 4:30 p.m. ET today to discuss its financial results and outlook. The conference call will be available via live webcast and replay at the Investor Relations section of nCino's website: https://investor.ncino.com/news-events/events-and-presentations . About nCino nCino NCNO is powering a new era in financial services. The Company was founded to help financial institutions digitize and reengineer business processes to boost efficiencies and create better banking experiences. With over 1,800 customers worldwide - including community banks, credit unions, independent mortgage banks, and the largest financial entities globally - nCino offers a trusted platform of best-in-class, intelligent solutions. By integrating artificial intelligence and actionable insights into its platform, nCino is helping financial institutions consolidate legacy systems to enhance strategic decision-making, improve risk management, and elevate customer satisfaction by cohesively bringing together people, AI and data. For more information, visit www.ncino.com . Forward-Looking Statements: This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino's future performance, outlook, guidance, the assumptions underlying those statements, the benefits from the use of nCino's solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino's historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino's expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers' or their clients' data; (v) the accuracy of management's assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution; (vii) competitive factors, including pricing pressures, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses. Additional risks and uncertainties that could affect nCino's business and financial results are included in our reports filed with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov ). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time. nCino, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) January 31, 2024 October 31, 2024 Assets Current assets Cash and cash equivalents $ 112,085 $ 257,894 Accounts receivable, net 112,975 65,013 Costs capitalized to obtain revenue contracts, current portion, net 10,544 12,214 Prepaid expenses and other current assets 15,171 13,523 Total current assets 250,775 348,644 Property and equipment, net 79,145 75,711 Operating lease right-of-use assets, net 19,261 14,938 Costs capitalized to obtain revenue contracts, noncurrent, net 17,425 20,185 Goodwill 838,869 908,559 Intangible assets, net 115,572 128,344 Investments 9,294 9,294 Long-term prepaid expenses and other assets 10,089 10,931 Total assets $ 1,340,430 $ 1,516,606 Liabilities, redeemable non-controlling interest, and stockholders' equity Current liabilities Accounts payable $ 11,842 $ 12,123 Accrued compensation and benefits 16,283 16,370 Accrued expenses and other current liabilities 10,847 11,594 Deferred revenue, current portion 170,941 132,382 Financing obligations, current portion 1,474 1,614 Operating lease liabilities, current portion 3,649 4,830 Total current liabilities 215,036 178,913 Operating lease liabilities, noncurrent 16,423 11,829 Deferred income taxes, noncurrent 3,687 10,577 Deferred revenue, noncurrent — 431 Revolving credit facility, noncurrent — 166,000 Financing obligations, noncurrent 52,680 51,624 Other long-term liabilities — 3,726 Total liabilities 287,826 423,100 Commitments and contingencies Redeemable non-controlling interest 3,428 5,243 Stockholders' equity Common stock 57 58 Additional paid-in capital 1,400,881 1,456,411 Accumulated other comprehensive income 996 1,615 Accumulated deficit (352,758 ) (369,821 ) Total stockholders' equity 1,049,176 1,088,263 Total liabilities, redeemable non-controlling interest, and stockholders' equity $ 1,340,430 $ 1,516,606 nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2023 2024 2023 2024 Revenues Subscription $ 104,759 $ 119,894 $ 301,996 $ 344,211 Professional services and other 17,183 18,903 50,854 55,076 Total revenues 121,942 138,797 352,850 399,287 Cost of revenues Subscription 30,605 33,769 89,481 98,916 Professional services and other 17,420 19,976 52,779 59,940 Total cost of revenues 48,025 53,745 142,260 158,856 Gross profit 73,917 85,052 210,590 240,431 Gross margin % 61 % 61 % 60 % 60 % Operating expenses Sales and marketing 38,446 29,729 100,551 89,487 Research and development 29,043 33,039 87,127 97,291 General and administrative 19,334 23,108 59,239 66,046 Total operating expenses 86,823 85,876 246,917 252,824 Loss from operations (12,906 ) (824 ) (36,327 ) (12,393 ) Non-operating income (expense) Interest income 685 482 2,057 1,408 Interest expense (854 ) (1,653 ) (3,277 ) (4,965 ) Other income (expense), net (2,320 ) 432 (2,633 ) (162 ) Loss before income taxes (15,395 ) (1,563 ) (40,180 ) (16,112 ) Income tax provision 1,782 2,589 4,720 1,360 Net loss (17,177 ) (4,152 ) (44,900 ) (17,472 ) Net loss attributable to redeemable non-controlling interest (320 ) (186 ) (868 ) (409 ) Adjustment attributable to redeemable non-controlling interest (478 ) 1,286 (526 ) 2,205 Net loss attributable to nCino, Inc. $ (16,379 ) $ (5,252 ) $ (43,506 ) $ (19,268 ) Net loss per share attributable to nCino, Inc.: Basic and diluted $ (0.15 ) $ (0.05 ) $ (0.39 ) $ (0.17 ) Weighted average number of common shares outstanding: Basic and diluted 112,951,553 115,611,833 112,484,017 114,970,622 nCino, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended October 31, 2023 2024 Cash flows from operating activities Net loss attributable to nCino, Inc. $ (43,506 ) $ (19,268 ) Net loss and adjustment attributable to redeemable non-controlling interest (1,394 ) 1,796 Net loss (44,900 ) (17,472 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 37,337 26,132 Non-cash operating lease costs 3,581 3,844 Amortization of costs capitalized to obtain revenue contracts 7,368 8,724 Amortization of debt issuance costs 138 60 Stock-based compensation 41,969 53,015 Deferred income taxes 881 (2,496 ) Provision for bad debt 1,124 25 Net foreign currency losses (gains) 2,275 (658 ) Loss on disposal of long-lived assets 161 35 Change in operating assets and liabilities: Accounts receivable 35,455 50,184 Costs capitalized to obtain revenue contracts (5,959 ) (13,199 ) Prepaid expenses and other assets 3,374 656 Accounts payable 1,184 1,056 Accrued expenses and other liabilities (7,999 ) (148 ) Deferred revenue (23,789 ) (41,604 ) Operating lease liabilities (3,063 ) (2,936 ) Net cash provided by operating activities 49,137 65,218 Cash flows from investing activities Acquisition of business, net of cash acquired — (90,839 ) Acquisition of assets (356 ) (450 ) Purchases of property and equipment (3,083 ) (1,466 ) Purchase of investment (2,500 ) — Net cash used in investing activities (5,939 ) (92,755 ) Cash flows from financing activities Investment from redeemable non-controlling interest 983 — Proceeds from borrowings on revolving credit facility — 241,000 Payments on revolving credit facility (30,000 ) (75,000 ) Payments of debt issuance costs — (1,382 ) Exercise of stock options 3,176 2,223 Stock issuance under the employee stock purchase plan 2,698 2,514 Principal payments on financing obligations (888 ) (916 ) Net cash provided by (used in) financing activities (24,031 ) 168,439 Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash (762 ) (93 ) Net increase in cash, cash equivalents, and restricted cash 18,405 140,809 Cash, cash equivalents, and restricted cash, beginning of period 87,418 117,444 Cash, cash equivalents, and restricted cash, end of period $ 105,823 $ 258,253 Reconciliation of cash, cash equivalents, and restricted cash, end of period: Cash and cash equivalents $ 100,475 $ 257,894 Restricted cash included in prepaid expenses and other current assets 5,000 — Restricted cash included in long-term prepaid expenses and other assets 348 359 Total cash, cash equivalents, and restricted cash, end of period $ 105,823 $ 258,253 Non-GAAP Financial Measures In nCino's public disclosures, nCino has provided non-GAAP measures, which are measurements of financial performance that have not been prepared in accordance with generally accepted accounting principles in the United States, or GAAP. In addition to its GAAP measures, nCino uses these non-GAAP financial measures internally for budgeting and resource allocation purposes and in analyzing our financial results. For the reasons set forth below, nCino believes that excluding the following items provides information that is helpful in understanding our operating results, evaluating our future prospects, comparing our financial results across accounting periods, and comparing our financial results to our peers, many of which provide similar non-GAAP financial measures. Amortization of Purchased Intangibles. nCino incurs amortization expense for purchased intangible assets in connection with certain mergers and acquisitions. Because these costs have already been incurred, cannot be recovered, are non-cash, and are affected by the inherent subjective nature of purchase price allocations, nCino excludes these expenses for our internal management reporting processes. nCino's management also finds it useful to exclude these charges when assessing the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Although nCino excludes amortization expense for purchased intangibles from these non-GAAP measures, management believes it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Stock-Based Compensation Expenses. nCino excludes stock-based compensation expenses primarily because they are non-cash expenses that nCino excludes from our internal management reporting processes. nCino's management also finds it useful to exclude these expenses when they assess the appropriate level of various operating expenses and resource allocations when budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use, nCino believes excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies. Acquisition-Related Expenses. nCino excludes expenses related to acquisitions as they limit comparability of operating results with prior periods. We believe these costs, which are primarily related to legal, consulting and other professional services fees, are non-recurring in nature and outside the ordinary course of business. Litigation Expenses. nCino excludes fees and expenses related to litigation expenses incurred from legal matters outside the ordinary course of our business as we believe their exclusion from non-GAAP operating expenses will facilitate a more meaningful explanation of operating results and comparisons with prior period results. Restructuring Costs. nCino excludes costs incurred related to bespoke restructuring plans and other one-time costs that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe excluding these costs facilitates a more consistent comparison of operating performance over time. Tax Benefit Related to Acquisitions. In connection with deferred tax liabilities assumed from acquisitions, nCino may reduce the valuation allowance against deferred tax assets, resulting in a one-time tax benefit recorded in Income tax provision (benefit). We believe that the exclusion of this benefit from our non-GAAP net income attributable to nCino and non-GAAP net income attributable to nCino per share provides a more direct comparison to all periods presented. Income Tax Effect on Non-GAAP Adjustments. The income tax effects are related to the imputed tax impact on the difference between GAAP and non-GAAP costs and expenses. Adjustment to Redeemable Non-Controlling Interest. nCino adjusts the value of redeemable non-controlling interest of its joint venture nCino K.K. in accordance with the operating agreement for that entity. nCino believes investors benefit from an understanding of the company's operating results absent the effect of this adjustment, and for comparability, has reconciled this adjustment for previously reported non-GAAP results. There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by nCino's management about which items are adjusted to calculate its non-GAAP financial measures. nCino compensates for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in its public disclosures. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. nCino encourages investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business, and to view our non-GAAP financial measures in conjunction with the most directly comparable GAAP financial measures. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables below. nCino, Inc. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands, except share and per share data) (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2023 2024 2023 2024 GAAP total revenues $ 121,942 $ 138,797 $ 352,850 $ 399,287 GAAP cost of subscription revenues $ 30,605 $ 33,769 $ 89,481 $ 98,916 Amortization expense - developed technology (3,990 ) (4,404 ) (12,431 ) (12,926 ) Stock-based compensation (515 ) (733 ) (1,314 ) (2,088 ) Restructuring charges (12 ) — (51 ) — Non-GAAP cost of subscription revenues $ 26,088 $ 28,632 $ 75,685 $ 83,902 GAAP cost of professional services and other revenues $ 17,420 $ 19,976 $ 52,779 $ 59,940 Amortization expense - other (82 ) (82 ) (247 ) (247 ) Stock-based compensation (2,571 ) (2,940 ) (6,660 ) (8,699 ) Restructuring charges (26 ) — (118 ) — Non-GAAP cost of professional services and other revenues $ 14,741 $ 16,954 $ 45,754 $ 50,994 GAAP gross profit $ 73,917 $ 85,052 $ 210,590 $ 240,431 Amortization expense - developed technology 3,990 4,404 12,431 12,926 Amortization expense - other 82 82 247 247 Stock-based compensation 3,086 3,673 7,974 10,787 Restructuring charges 38 — 169 — Non-GAAP gross profit $ 81,113 $ 93,211 $ 231,411 $ 264,391 The following table sets forth reconciling items as a percentage of total revenue for the periods presented. 1 GAAP gross margin % 61 % 61 % 60 % 60 % Amortization expense - developed technology 3 3 4 3 Amortization expense - other — — — — Stock-based compensation 3 3 2 3 Restructuring charges — — — — Non-GAAP gross margin % 67 % 67 % 66 % 66 % GAAP sales & marketing expense $ 38,446 $ 29,729 $ 100,551 $ 89,487 Amortization expense - customer relationships (2,167 ) (2,736 ) (6,502 ) (7,889 ) Amortization expense - trade name (10,713 ) (107 ) (11,921 ) (254 ) Amortization expense - other — (28 ) — (72 ) Stock-based compensation (4,153 ) (4,394 ) (11,194 ) (12,534 ) Restructuring charges (24 ) — (100 ) — Non-GAAP sales & marketing expense $ 21,389 $ 22,464 $ 70,834 $ 68,738 GAAP research & development expense $ 29,043 $ 33,039 $ 87,127 $ 97,291 Stock-based compensation (4,386 ) (4,208 ) (11,665 ) (13,720 ) Restructuring charges (87 ) — (352 ) — Non-GAAP research & development expense $ 24,570 $ 28,831 $ 75,110 $ 83,571 GAAP general & administrative expense $ 19,334 $ 23,108 $ 59,239 $ 66,046 Stock-based compensation (4,198 ) (5,696 ) (11,136 ) (15,974 ) Acquisition-related expenses (211 ) (3,423 ) (634 ) (9,410 ) Litigation expenses (153 ) (115 ) (4,502 ) (365 ) Restructuring charges (1 ) — (6 ) — Non-GAAP general & administrative expense $ 14,771 $ 13,874 $ 42,961 $ 40,297 GAAP loss from operations $ (12,906 ) $ (824 ) $ (36,327 ) $ (12,393 ) Amortization of intangible assets 16,952 7,357 31,101 21,388 Stock-based compensation 15,823 17,971 41,969 53,015 Acquisition-related expenses 211 3,423 634 9,410 Litigation expenses 153 115 4,502 365 Restructuring charges 150 — 627 — Non-GAAP operating income $ 20,383 $ 28,042 $ 42,506 $ 71,785 The following table sets forth reconciling items as a percentage of total revenue for the periods presented. 1 GAAP operating margin % (11 )% (1 )% (10 )% (3 )% Amortization of intangible assets 14 5 9 5 Stock-based compensation 13 13 12 13 Acquisition-related expenses — 2 — 2 Litigation expenses — — 1 — Restructuring charges — — — — Non-GAAP operating margin % 17 % 20 % 12 % 18 % GAAP net loss attributable to nCino, Inc. $ (16,379 ) $ (5,252 ) $ (43,506 ) $ (19,268 ) Amortization of intangible assets 16,952 7,357 31,101 21,388 Stock-based compensation 15,823 17,971 41,969 53,015 Acquisition-related expenses 211 3,423 634 9,410 Litigation expenses 153 115 4,502 365 Restructuring charges 150 — 627 — Tax benefit related to acquisition — — — (3,609 ) Income tax effect on non-GAAP adjustments (237 ) (451 ) (616 ) (1,244 ) Adjustment attributable to redeemable non-controlling interest (478 ) 1,286 (526 ) 2,205 Non-GAAP net income attributable to nCino, Inc. $ 16,195 $ 24,449 $ 34,185 $ 62,262 Basic and diluted GAAP net loss attributable to nCino, Inc. per share $ (0.15 ) $ (0.05 ) $ (0.39 ) $ (0.17 ) Weighted-average shares used to compute basic and diluted GAAP net loss attributable to nCino, Inc. per share 112,951,553 115,611,833 112,484,017 114,970,622 Basic non-GAAP net income attributable to nCino, Inc. per share $ 0.14 $ 0.21 $ 0.30 $ 0.54 Weighted-average shares used to compute basic non-GAAP net income attributable to nCino, Inc. per share 112,951,553 115,611,833 112,484,017 114,970,622 Diluted non-GAAP net income attributable to nCino, Inc. per share $ 0.14 $ 0.21 $ 0.30 $ 0.53 Weighted-average shares used to compute diluted non-GAAP net income attributable to nCino, Inc. per share 115,261,169 117,416,473 114,636,396 116,913,806 Free cash flow Net cash provided by operating activities $ 5,870 $ 5,777 $ 49,137 $ 65,218 Purchases of property and equipment (619 ) (680 ) (3,083 ) (1,466 ) Free cash flow $ 5,251 $ 5,097 $ 46,054 $ 63,752 Principal payments on financing obligations 2 (324 ) (194 ) (888 ) (916 ) Free cash flow less principal payments on financing obligations $ 4,927 $ 4,903 $ 45,166 $ 62,836 1 Columns may not foot due to rounding. 2 These amounts represent the non-interest component of payments towards financing obligations for facilities. CONTACTS INVESTOR CONTACT Harrison Masters nCino +1 910.734.7743 Harrison.masters@ncino.com MEDIA CONTACT Natalia Moose nCino Natalia.moose@ncino.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Giller protesters relieved to see charges dropped, vow to continue antiwar action TORONTO — Charges against four of the five people arrested for protesting at last year's Giller Prize have been withdrawn, antiwar organizers announced Friday as they pledged to keep fighting for an end to Israel's attacks on Gaza. Nicole Thompson, The Canadian Press Dec 6, 2024 1:20 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message Arrestee and writer Maysam Abu Khreibeh poses for a portrait in Toronto, Friday, Dec. 6, 2024. It was announced today that four of the five people arrested and charged at a protest at the 2023 Giller Prize awards ceremony have had their charges withdrawn. THE CANADIAN PRESS/Chris Young TORONTO — Charges against four of the five people arrested for protesting at last year's Giller Prize have been withdrawn, antiwar organizers announced Friday as they pledged to keep fighting for an end to Israel's attacks on Gaza. The group CanLit Responds announced the development at a press conference across from a Scotiabank Toronto branch on Friday, more than a year after protesters interrupted the literary award decrying the big bank — then a title sponsor — for its investment in Israeli arms manufacturer Elbit Systems. Scotiabank is still a Giller sponsor, though it's no longer in the award's title. "As a Palestinian writer and organizer, I know that this act of protest is the bare minimum of what we can do when bunker-busting bombs are dropping on our families back home," said Maysam Abu Khreibeh, 26, who was arrested that night. She said the move to withdraw the charges was delayed for months, leaving her and her fellow protesters in legal limbo longer than necessary. "I do feel relieved to hear that the courts finally recognize that what we did is not something that should be criminalized, that the charges were withdrawn," she said after the press conference. Abu Khreibeh was one of three people arrested the night of the ceremony and charged with criminal mischief and using a forged document to gain entry to the ceremony, while CanLit Responds said two others were arrested later. The protest took place just over a month after the war began, when Hamas-led militants stormed into southern Israel on Oct. 7, 2023, killing some 1,200 people, mostly civilians, and taking around 250 others hostage. In response, Israel launched an assault on Gaza killing at least 44,500 Palestinians, more than half of them women and children, according to Gaza’s Health Ministry, which does not say how many of the dead were combatants. Israel says it has killed more than 17,000 militants, without providing evidence. This week, Amnesty International called Israel's actions a genocide and said the Oct. 7 attacks did not justify it. Israel rejects the allegations. Abu Khreibeh's lawyer, Riaz Sayani, said in a written statement that the Giller protesters never should have been charged. "The Crown correctly withdrew the charges. It was not in the public interest to proceed, given the nature of this protest. In my view, there was also no reasonable prospect of conviction," he said. "To mislabel this kind of protest as a criminal act has a chilling effect and undermines everyone’s right to free expression." In an email, Toronto Police spokeswoman Stephanie Sayer said the Crown’s decision to drop the charges "does not negate the reasonable grounds upon which charges were laid or the validity of the charges." CanLit Responds said charges against the fifth protester are still before the court. Toronto police say charges were filed against her in May, and she was arrested in September 2024. Abu Khreibeh said she didn't expect the Canadian literary community to rally around the protesters in the way many of them have. The day after she was arrested, when she was still feeling paranoid and anxious, thousands of writers signed a letter calling for the charges against the protesters to be dropped. Since then, dozens of authors withdrew their books from consideration for the prize and many pledged to boycott the award. They're calling on the Giller Foundation to sever ties with Scotiabank, and for the financial institution's subsidiary to divest from Elbit Systems. Prize organizers have not ended any of those sponsorships but did drop Scotiabank from the name of the award. Giller Foundation Executive Director Elana Rabinovitch said the board made that change in order to keep the focus on the writers. Scotiabank representatives did not respond to requests for comment. Asked to comment on the charges being dropped, Rabinovitch said the literary non-profit "fully and unequivocally supports freedom of speech, expression, dissent and the right to protest." Fatima Hussain, who was also arrested last November, said the last year has been jarring. The 24-year-old wasn't able to travel to the U.S. to visit an ill grandparent. Nor was she allowed to speak with her co-accused while the charges were before the courts. She still can't communicate with the final protester who was arrested. But still, she doesn't regret getting involved in the protest. This sort of action is ingrained in her, she said. She was born in Iraq in the years between the Gulf War and Iraq War, and she said one of her earliest memories was at an antiwar protest. So while the arrests may have had a chilling effect on some, it won't work on her. "We keep fighting because the genocide doesn't end," Hussain said. "People don't stop dying. We keep going." This report by The Canadian Press was first published Dec. 6, 2024. Nicole Thompson, The Canadian Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More The Mix Police believe the gunman who killed UnitedHealthcare's CEO left NYC on a bus after the shooting Dec 6, 2024 2:01 PM Health Canada says daily cannabis use hasn't changed much since legalization Dec 6, 2024 1:56 PM Tech stocks help lift S&P/TSX Friday, U.S. stock markets mixed after jobs report Dec 6, 2024 1:50 PM Featured Flyer
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