0001902733-26-000099
SEC filingnCino第二财季营收1.61亿美元、Non-GAAP营业利润率升至25%，AI驱动大客户续约扩张并新增1亿美元回购授权。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total revenues | $161.0M | $148.8M | +8% |
| Subscription revenues | $143.5M | $130.8M | +10% |
| Gross margin % (GAAP) | 63% | 59% | +400 bps |
| Gross margin % (Non-GAAP) | 68% | 66% | +200 bps |
| Income (loss) from operations (GAAP) | $13.6M | $(9.3)M | — |
| Operating income (Non-GAAP) | $40.8M | $30.0M | +36% |
| Operating margin % (GAAP) | 8% | (6)% | +1,500 bps |
| Operating margin % (Non-GAAP) | 25% | 20% | +500 bps |
| Net income (loss) attributable to nCino, Inc. | $5.1M | $(15.3)M | — |
| Diluted EPS (GAAP) | $0.05 | $(0.13) | — |
| Free cash flow | $34.0M | $12.6M | +170% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 FY2027 | Total revenues | $161.25M – $163.25M | N/A |
| Q3 FY2027 | Subscription revenues | $143.25M – $145.25M | N/A |
| Q3 FY2027 | Non-GAAP operating income | $42.0M – $44.0M | Non-GAAP |
| FY2027 | Total revenues | $644.0M – $647.0M | N/A |
| FY2027 | Subscription revenues | $573.5M – $576.5M | N/A |
| FY2027 | Non-GAAP operating income | $171.0M – $174.0M | Non-GAAP |
| FY2027 | Free Cash Flow | $137.0M – $142.0M | Non-GAAP |
| FY2027 | Annual Contract Value (ACV) at period end | $662.5M – $667.5M | N/A |
本季核心驱动来自订阅业务：Subscription revenues 同比 +10% 至 $143.5M，占总营收比重进一步提升，带动 GAAP 毛利率由 59% 升至 63%、Non-GAAP 毛利率由 66% 升至 68%。费用端同步优化，GAAP 研发费用由 $34.667M 降至 $31.030M、GAAP 管理费用由 $25.489M 降至 $19.179M，叠加去年同期 $10.065M restructuring charges 不再发生，GAAP 营业利润由亏转盈至 $13.6M，Non-GAAP 营业利润 $40.8M（+36%）。需注意 Non-GAAP 口径剔除了 amortization of intangible assets $8.781M、stock-based compensation $18.002M 与 transaction-related expenses $0.433M，GAAP 与 Non-GAAP 营业利润率差距仍达 17 个百分点。自由现金流 $34.0M（+170%）主要受益于经营性现金流 $34.199M 与资本开支降至 $0.195M。
业务动能方面，公司完成四家合计资产超 $900 billion 的美国 Enterprise 客户提前多年续约并扩大 AI 工具使用，另在德国签约一家 development finance institution、在日本签约 Hachijuni Nagano Bank、在爱荷华州新增 Commercial Onboarding and Account Opening 净新客户，并在 Consumer Lending 与 Mortgage 领域实现扩张。资本返还上，Q2 回购约 4.2 million 股（均价 $15.41，约 $65M），并完成 3 月 31 日宣布的加速回购（约 6.0 million 股，均价 $16.57，$100M），自 2025 年 4 月以来累计回购 $300M；董事会新授权额外 $100M 回购计划，无期限限制，资金来源为现有现金、信贷额度与未来现金流。截至 2026 年 7 月 31 日，现金及现金等价物与受限现金合计 $83.604M，credit facility 项下未偿 $275.4M，资产负债表杠杆与回购节奏是后续需跟踪的风险点。