Stockholders' Equity

3 Months Ended

Apr. 30, 2025

Share Repurchase Program

In March 2025, our Board of Directors authorized a stock repurchase program of up to $100.0 million of our outstanding common stock. The Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transaction, or by other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, price, timing, and manner of any repurchases will be determined at the Company's discretion, subject to general market conditions, as well as the Company's management of capital, general business conditions, other investment opportunities, regulatory requirements and other factors. The repurchase program does not obligate the Company to repurchase any specific amount of common stock, has no time limit, and may be modified, suspended, or discontinued at any time without notice at the discretion of our Board of Directors.

The following table summarizes the share repurchase activity under the Company's share repurchase program (in thousands, except share and per share data):


	Three Months Ended April 30,
	2024		2025
Total number of shares repurchased	—		1,829,113
Average price per share(1)	$	—	$	22.17
Aggregate purchase price(1)	$	—	$	40,551

(1) Excludes transaction costs and excise tax associated with the repurchases, if any.

All repurchases were made in open market transactions.

As of April 30, 2025, the Company is authorized to repurchase a remaining $59.4 million of its common stock under the share repurchase program.

Stock Options

Stock option activity for the three months ended April 30, 2025 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding, January 31, 2025	811,602	$	7.22
Granted	—	—
Expired or forfeited	(1,627)	14.70
Exercised	(172,446)	4.26
Outstanding, April 30, 2025	637,529	$	8.00
Exercisable, April 30, 2025	637,529	$	8.00
Fully vested or expected to vest, April 30, 2025	637,529	$	8.00

Restricted Stock Units

RSU activity during the three months ended April 30, 2025 was as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested, January 31, 2025	6,105,459	$	32.78
Granted	538,338	32.63
Vested	(900,433)	41.82
Forfeited	(345,761)	31.85
Nonvested, April 30, 2025	5,397,603	$	31.31

As of April 30, 2025, total unrecognized compensation expense related to non-vested RSUs was $136.1 million, adjusted for estimated forfeitures, based on the estimated fair value of the Company’s common stock at the time of grant. That cost is expected to be recognized over a weighted average period of 2.67 years.

Employee Stock Purchase Plan

The first offering period for the Employee Stock Purchase Plan ("ESPP") began on July 1, 2021 and ended on December 31, 2021. Thereafter, offering periods begin each year on January 1 and July 1.

The fair value of ESPP shares during the three months ended April 30, 2024 and 2025 was estimated at the date of grant using the Black-Scholes option valuation model based on assumptions as follows for ESPP awards:


	Three Months Ended April 30,
	2024	2025
Expected life (in years)	0.50	0.50
Expected volatility	38.70%	40.74%
Expected dividends	0.00%	0.00%
Risk-free interest rate	5.24%	4.25%

Stock-Based Compensation Expense

Total stock-based compensation expense included in our unaudited condensed consolidated statements of operations were as follows:


	Three Months Ended April 30,
	2024		2025
Cost of subscription revenues	$	562	$	664
Cost of professional services and other revenues	2,779		2,754
Sales and marketing	3,956		2,928
Research and development	4,226		4,115
General and administrative	4,682		5,353
Total stock-based compensation expense	$	16,205	$	15,814

- Definition

The entire disclosure for equity.

+ References

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+ Details

nCino, Inc. 10-Q